As allegations of fraud brought against co-founders in the FTX bankruptcy case build up, the value exchange’s token, FTT, has seen a remarkable rise. Since January 9, 2023, after dipping below the $1 threshold, FTT has increased by 28.42% and is hovering above $1.
FTT Token Surges 28% Above the $1 Threshold
FTX’s exchange token, FTT, has seen a sharp increase in value over the past two days. On January 9, 2023, the coin was worth $1.36 per unit. While FTT lost some of its gains, at 9:30 AM ET, FTT was trading at $1.22 to $1.22 per coin. This signals potential future growth of FTX and its token.
FTT coin ownership is highly concentrated with one address controlling 59.55%. Additionally, an unidentified hacker owns 45.85 million FTT tokens, representing 13.94% of the circulating supply. Another unknown address owns 10 million FTT, which is 3.04% of the total supply. FTT value fell below the $1 mark on December 19, 2022 and remained there until the peak on January 9, 2023.
FTT is currently the most active crypto asset traded on Binance, Mexc Global, Kucoin, Gate.io and Sushiswap. There are approximately $104,496 worth of FTT transactions on Sushiswap when paired with wrapped ether. The total global FTT trade volume is $23.81 million, including all exchanges. The FTT token hit its all-time low on December 22, 2017 at $0.827 per unit. This is an increase of 45.8%, however it is still 98.6% lower than its all-time record of $84.18 on September 9, 2021.
The future of FTT is uncertain due to the FTX bankruptcy and fraud charges against the co-founders, including Sam Bankman-Fried. This means that the token has not suffered the same drastic drop as Terra’s LUNA last May. FTT’s tokenomics were closely tied to FTX, which offered reduced fees for traders on the now-defunct crypto exchange. With the current situation, FTT’s tokenomics are in chaos.
FTT is just one of the many crypto assets that has survived despite a lack of development and unclear tokenomics. Traders can now speculate on this market as a hobby, and with the ongoing scandal involving SBF/FTX, it’s difficult not to take it seriously.