As the FTX bankruptcy case and fraud charges against co-founder Sam Bankman-Fried continue to unfold, the value of the exchange’s token, FTX Token (FTT), has seen significant growth. Since January 9, 2023, the FTT has risen 28.42% and is currently above the $1 range, after falling below that threshold.
FTT token jumps 28% above $1 threshold
The value of the FTX exchange token, FTT, has seen a marked increase in the past two days. On January 9, 2023, the coin reached $1.36 per unit. While some of those gains have been lost, FTT is currently hovering above the range of $1 to $1.22 per coin as of 9:30 AM EST. linked to the now defunct FTX exchange and its potential future growth.
FTT ownership concentration levels are extremely high, with a single address controlling 59.55% of the entire FTT supply. Additionally, an unknown hacker owns 45.85 million FTT tokens, comprising 13.94% of the circulating supply. Another unknown address owns 10 million FTT, or 3.04% of the total supply. The value of FTT fell below the $1 range on December 19, 2022 and remained below that threshold until a peak on January 9, 2023.
The most active crypto exchanges trading FTT currently include Binance, Mexc Global, Kucoin, Gate.io, and Sushiswap. On Sushiswap alone, there are approximately $104,496 worth of FTT transactions paired with wrapped ethereum (WETH). The total global trade volume for FTT is approximately $23.81 million among all exchanges worldwide. Since the FTT token’s all-time low 12 days ago on December 30, 2022, when it reached $0.827 per unit, it is up 45.8%. However, it is still 98.6% below its all-time high of $84.18 per unit reached on September 9, 2021.
With Sam Bankman-Fried (SBF) facing financial fraud charges and FTX’s bankruptcy filing, the future of FTT is uncertain. Despite this, the token has not experienced the same sharp drop as Terra’s LUNA last May. FTT’s tokenomics were closely tied to FTX’s, including providing reduced fees to traders on the now-defunct crypto exchange, and now the coin’s tokenomics are in disarray.
FTT is one of many crypto assets that have managed to survive despite a lack of development or clear tokenomics. It has now become something for traders to speculate on as a hobby, and in light of the ongoing scandal involving SBF and FTX, it’s hard to take it seriously.
What do you think about FTT’s market performance amid the FTX bankruptcy case and fraud charges against FTX co-founder Sam Bankman-Fried? Let us know what you think about this topic in the comments section below.
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