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FTX Token (FTT) has retained its bullish momentum, soaring by 11.25% to $4.73 as whale accumulation intensifies.
FTT, the native token of the bankrupt FTX Exchange, has broken away from its bearish grip and is on track to end the year on a stellar note. According to insights from Santiment, its growth might be further bolstered by the growing accumulation from its largest holders.
FTT is arguably one of the top beneficiaries of the recent Binance saga as showcased in its key metrics. Market capitalization grew by 11.2% to $1,558,917,078 with trading volume coming in at $321,293,375, albeit with a 4.2% drop.
FTX Token and Whale Action
About a year ago, FTT suffered a major crash after FTX declared bankruptcy. The future of the token at the time looked bleak as many holders explored avenues to offload their holdings.
As Santiment noted, those FTT holders who “took a chance” on FTT and refused to sell are reaping the rewards now, seeing the impressive performance of the token.
One key catalyst uncovered is the accumulation from the top 10 largest FTT addresses. These addresses have bought a total of 2.91 million FTT worth approximately $12.8 million since November 3.
While the FTT whales intensified their accumulation in the past 19 days, the chart presented by Santiment showed that these top addresses are holding 309.64 million units of the FTT supply.
The statistics show a healthy FTT ecosystem as the FTT/BTC pair has also grown by 255% since November 3. In the year to date period, FTT is up 459%, however, prices have not returned to pre-FTX implosion levels.
Benefiting from Binance Saga
Though the progress with the FTX bankruptcy case has helped stabilize the performance of FTT, the momentum intensified this week following the Binance regulatory woes.
Notably, the FTX bank run started when Binance’s former CEO Changpeng ‘CZ’ Zhao announced last year his firm would liquidate all of its FTT holdings. Despite quickly backtracking on the move, the announcement at the time contributed to the bank run that impacted FTT.