The crypto-currency token of the no longer-functional FTX exchange, FTT, has dropped below the $1 level for the first time since the crash of the FTX platform. After falling from its all-time high of $25.78 per coin in early November, the token struggled to stay above the $1 range until December 19, when it plummeted to $0.89 per unit.

FTX Token FTT Slides Below Support Price After Exchange Shut Down

FTX token (FTT) has broken below the long-standing $1 support level, in the wake of the exchange’s bankruptcy filing last month. On November 5, when the FTX platform closed its doors, the token dropped from its peak of $25.78 to around $1.59/unit. The FTT market remained stable below $2/unit for 38 days from November 12 to December 19.

The FTT token hit a peak of $1.88 per unit on December 9, but on Monday afternoon it dropped to $0.894 at 2:30 p.m. ET. Since then, it has been trading at 8.6% lower than the US dollar. Coin Market cap websites such as coingecko.com do not rank the capitalization of the FTT token among the crypto assets listed, but it has a total supply of 328,895,112 tokens and a global trade volume of over $7.26 million in the last 24 hours.

The FTT trading volumes have declined significantly since the FTX crash, and the most active FTT markets are currently on Binance, Kucoin, and Sushiswap. Since FTT broke the $1 support level, the crypto asset has remained stable just below the area, trading between $0.89 to $0.98 per unit.

What is your opinion on the defunct FTX FTT token and its recent performance? Please share your thoughts in the comments section below.