FTX Token (FTT), the native token of now-bankrupt cryptocurrency exchange FTX, is epic this week despite FTX founder and former CEO Sam Bankman-Fried pleading not guilty to all eight charges in the US. in a rally.
FTX token rallied 50% in one week! Bull season is starting?
FTT is trading at $1.40, up 1.15% in the last 24 hours and a massive 52.82% in the last seven days. The value of FTT first dropped below the $1 range on December 19, 2022, and remained below that barrier until peaking on January 9, 2023.
FTX Token 7-day price chart. Source: Finbold
Moreover, due to the massive price increase, the FTX token became the 11th most trending cryptocurrency as of January 13, with a total market cap of $460.5 million, after an influx of $163 million since January 6.
FTX Token 7-day market cap price chart. Source: CoinMarketCap
The reason for this increase in value is unknown, as FTT’s tokens are related to the now-defunct FTX exchange and its future development.
FTX control addresses
One address controls 59.55% of the total FTT supply, contributing to exceptionally high levels of ownership concentration. Also, an unidentified hacker has 45.85 million FTT tokens, which is 13.94% of the total amount currently in circulation.
FTT top 5 rich list. Source: CoinCarp
Binance, Mexc Global, Kucoin, Gate.io, and SushiSwap are among the most active cryptocurrency exchanges currently trading FTT.
The price of an FTT coin has increased by over 50% in the last 12 days after hitting an all-time low of $0.827 per coin on December 30, 2022. – Time high at $84.18 per coin, set on September 9, 2021.
The future of FTT is uncertain, Sam Bankman-Fried faces financial fraud charges, and FTX declares bankruptcy. The token’s value fell, though not as fast as Terra (LUNA) in May. FTT’s tokens were intertwined with those of the defunct cryptocurrency exchange FTX.
Many crypto assets, including FTT, have survived despite a lack of roadmap guidance or transparent tokenomics. It has become a meme token for investors to speculate on, and the current debate involving SBF vs FTX has fueled the fire.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.