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The agreement made by Binance, the world's largest cryptocurrency exchange, with the US government regarding the accusations against it and CZ's resignation as Binance CEO continues to remain hot on the agenda.
Although this agreement and CZ's resignation caused an initial decline in Bitcoin and altcoins, they began to recover in a short time.
While BTC and altcoins were slowly recovering, some altcoins differentiated positively from the market with their rise. One of these was FTT, the native token of FTX, which went bankrupt in November 2022.
FTT, which has increased by nearly 50% in the last 48 hours, has reached the top of the list of the most profitable altcoins with an increase of 21.2% in the last 24 hours.
In addition to the short-term increase, FTT also recorded a growth exceeding 330% on a monthly basis. While wondering about the source of this increase, an FTT post came from Santiment.
According to Santiment, most of this increase in FTT was due to the accumulation in the top 10 whale wallets in recent days, while the increase in the last 48 hours was due to the impact of the Binance-USA deal news.
“Those who took the chance to rise in FTT were rewarded again after the news of the Binance-USA agreement. Because after this news, FTX's local token experienced a second rise.
The main source of the FTT rise was that the top 10 wallets accumulated $12.8 million worth of FTT in 19 days. “It seems that the FTT price is increasing as whales accumulate.”
📈 Those who took a chance on $FTT continue to be rewarded, with a second rally for #FTX's native token coming after yesterday's #Binance news. Its price appears to have been boosted by the 10 largest wallets accumulating $12.8M worth of coins in 19 days. https://t.co/V3QNq91asF pic.twitter.com/DL5pkVfW96
— Santiment (@santimentfeed) November 23, 2023
Analysts also evaluated the rise of FTT and stated that this rise may be due to the possibility of FTX being restarted.
At this point, analysts stated that the possibility of FTX's reopening was welcomed by both individual and institutional investors, triggering the rise in FTT.
FTT, which rose to $5.5 on November 10 with the rise it experienced in the last month, continues to be traded at $4.6 at the time of writing.
*This is not investment advice.