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Crypto research firm Kaiko draws attention to an unusual and rather strange occurrence for the $FTT token.
Last November, Sam Bankman-Fried's FTX empire collapsed, causing turmoil in the crypto market and prompting officials in the United States and worldwide to strengthen regulatory oversight of digital assets.
Who is still trading #$FTT?
— Kaiko (@KaikoData) October 11, 2023
Since the #FTX collapse, weekly volume has at times climbed above $400mn.
The token has no use case, and will likely never again. pic.twitter.com/bo8qbwi9wC
The fall of FTX was accompanied by a crash in its native coin, $FTT. The token, which was previously valued at more than $80, is now worth roughly $1. According to CoinMarketCap data, $FTT was down 1.94% in the last 24 hours to $1.03 at the time of writing.
As the $FTT token presents no use case and likely never will again, Kaiko spots an unusual rise in $FTT weekly volume, which has been happening since the FTX collapse.
Kaiko noted that since the FTX collapse, the weekly volume has at times climbed past $400 million. This leaves one wondering who is still trading $FTT, given the crypto asset's uncertain outlook.
Interestingly, despite the total collapse of the FTX exchange, the $FTT token has never quite reached zero.
Kaiko previously stated that the low liquidity surrounding $FTT may have attracted a few opportunistic traders looking to profit from price movements. The low volume and liquidity accompanying the $FTT token make it easier to spark price movement.
Meanwhile, earlier this week, we saw a movement of funds from FTX addresses. PeckShield alert reports that FTX and Alameda bankruptcy addresses on TRON recently transferred a total of nearly 4.8 million USDT to Kraken.