FTT's Remarkable Performance in the Last 14 Days
The exchange token FTT, launched by the now-defunct cryptocurrency trading platform FTX, has defied expectations by experiencing a significant 200% increase in value over the past two weeks, surpassing $3 per unit. With a market capitalization ranking it as the fifth largest exchange coin, FTT stands alongside prominent counterparts such as BNB, LEO, OKB, and CRO.
FTT Records Colossal Gains Over the Past Fortnight
FTT, originally developed by the now-convicted Sam Bankman-Fried and the insolvent FTX, has shown impressive market performance despite the backdrop of Bankman-Fried's fraud conviction and FTX's ongoing Chapter 11 bankruptcy proceedings. Over the last fourteen days, FTT has demonstrated a notable 200.2% increase against the U.S. dollar, even with a 6.3% decline in the past week.
Currently, FTT boasts a 24-hour global trade volume of $230.85 million, placing it 21st in terms of daily spot trading volume. As of Sunday, November 19, 2023, FTT's leading trading pairs include USDT, USD, ETH, USDD, and USDC.
Despite being developed by a convicted fraudster and a bankrupt exchange, a significant portion of FTT's supply is in the hands of the FTX estate and centralized exchanges. The top 100 holders control a staggering 98.83% of the total supply, leaving many puzzled as to why the token is performing remarkably well. One possible explanation is the widespread belief that FTX could be revived under new management.
There is speculation that a potential FTX 2.0 could reintroduce FTT with new utility or broader possibilities. Investors are taking a gamble by acquiring FTT at low prices, hoping for a win if FTX 2.0 incorporates the exchange token.
However, it is important to note that the future of FTT remains uncertain, and there is a chance that a new FTX team may choose not to utilize the token for various reasons. Despite these uncertainties and risks, speculative theories continue to fuel FTT's momentum, driving its value based on potential long-term outcomes.
What are your thoughts on FTT's recent climb? Share your opinions in the comments section below.
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