FTX token rallies 50% in every week; Why is FTT rising?

    FTX Token (FTT) the native token of the now impoverished digital currency alternate FTX has been on an epic rally this week regardless of the FTX founder and former CEO Sam Bankman-Fried pleading not responsible to all eight counts of U.S. legal prices.

    Certainly, FTT is buying and selling at $1.40, up 1.15% within the final 24 hours, and up a large 52.82% throughout the earlier seven days. The worth of FTT went beneath the $1 vary for the primary time on December 19, 2022, and it stayed beneath that barrier till it spiked on January 9, 2023.

    FTX Token 7-day worth chart. Supply: Brokers

    What’s extra, as a result of the monumental worth improve, FTX token is now the eleventh most trending digital currency as of January 13, with a complete market capitalization of $460.5 million after an intake of $163 million since January 6.

    FTX Token 7-day market value worth chart. Supply: CoinMarketCap

    Because the tokenomics of FTT are associated to the now-defunct FTX alternate and its anticipated future growth, the trigger for this improve in worth is unknown.

    FTX controlling addresses 

    One deal with controls 59.55% of the total FTT supply, contributing to the terribly excessive ranges of possession focus. Moreover, an unidentified hacker has possession of 45.85 million FTT tokens, which accounts for 13.94% of the entire amount presently in circulation.

    FTT prime 5 wealthy checklist. Supply: CoinCarp

    Binance, Mexc World, Kucoin,, and SushiSwap are amid the most lively digital currency exchanges that commerce FTT these days. 

    The worth of 1 FTT token has elevated by over 50% within the final 12 days, after it reached a brand new all-time low of $0.827 per token on December 30, 2022. Then again, it’s nonetheless considerably decrease than its all-time excessive of $84.18 per token, which was set on September 9, 2021.

    The way forward for FTT is unclear, with Sam Bankman-Fried going through monetary fraud prices and FTX declaring chapter. The token’s worth has dropped, though not as precipitously as Terra’s (LUNA) did in Might. The tokenomics of FTT had been intertwined with these of the defunct digital currency alternate FTX.

    Many crypto property, together with FTT, have persevered despite a scarcity of roadmap steerage or clear tokenomics. It’s advanced right into a meme token for buyers to take a position on, and the present controversy involving SBF and FTX has simply added gasoline to the hearth.

    Disclaimer: The content material on this website mustn’t be thought-about funding recommendation. Investing is speculative. When investing, your capital is in danger.

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