- At the time of writing, FTT is trading at $4.31, up 21.24% in the last 24 hours.
- FTX and Alameda Research have successfully transferred $474M worth of assets in total.
Defunct crypto exchange FTX’s native FTT token has undergone a huge price spike rising over 20% over the previous 24 hours. The majority of the growth occurred during the last 10 days, when the top 10 whale wallets amassed the majority of their holdings.
According to Santiment, holders of FTT are continuing to profit amidst the recent Binance development. The top 10 wallets amassed $12.8 million worth of tokens in just 19 days, suggesting strong optimism among whales.
Growing Optimism
Recent actions taken by FTX to liquidate assets and shift large sums of funds across exchanges have sparked curiosity among investors over the possible launch of FTX 2.0. FTX and its subsidiary, Alameda Research have successfully transferred $474 million worth of assets in total.
This tactical move is a component of a larger program to manage the exchange’s finances and pave the way for the next stage, dubbed “FTX 2.0.”
This surge in price shows that institutions are very interested in buying FTX tokens despite the token’s past links to the company’s financial difficulties. Earlier this month, FTT hit a new yearly high of $5.2, demonstrating increased optimism among investors in marking a strong comeback.
However, the price could not clear this level and started a downtrend. After a brief correction, the price found support around the $3 area. The bulls yet again started dominating and the price started a fresh rally.
At the time of writing, FTT is trading at $4.31, up 21.24% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 44.71%. Amidst the remarkable bull run, the price is up a whopping 305% in the last 30 days.
