- 1 The FTT hype is giving investors high hopes.
- 2 The past week concluded a 0.56% increase in token price.
FTX’s native token FTT gained 15% but recoiled to a price of $1.07 in the interim. On Monday, The token regrouped stepping on the fact that many industry audiences. It has ventured about tokens likely being disconnected with a restarting parent company. The scenarios of the company while its liquidation changed its equation in the market
Last year in November, this Bahamas-based cryptocurrency exchange’s erasure began. It was a failure caused by a liquidity crisis of the company’s token, setting up momentum for the company’s bankruptcy. Preceding the collapse, FTX ranked as the third-largest cryptocurrency exchange in terms of volume and had beyond one million users.
The time frame of 7 days shows the breakdown for past dates. The overall market cap stands at $356,524,133 which in the whole week made 0.56% of growth. The current price is $1.09 with a circulating supply of 328,895,103.81 FTT, showing the total supply as of now. The maximum has gone to 352,170,015 as per the above data source.
The time frame of the past 1 day shows hiking results. The overall market cap stands at $354,213,888 which is a 7.73% growth in 24 hours. The current price remained $1.09 with a circulating supply of 328,895,103.81 FTT, showing the total supply as of now. The maximum has gone to 352,170,015 as per the above data source.
Analysts provide that enlarged public subjection, firm allies, and fresh protocol inaugurations on the exchange have made it excel, and accompanying it expects the soaring trend of FTT’s price. The reason is the continuation in case the exchange keeps growing over time.
In November 2022, moreover, due to the leak of an Alameda Research balance sheet, FTX’s solvency became a heightened concern. On November 8, it faced a squashing bank withdrawal. It pulled up withdrawals and asked for supporters’ help to cope up with the liquidity crunch.
John J. Ray III, Chief Executive Officer, FTX is enlightened to explore the probabilities in the hope of restarting the crypto exchange. In his public platform conversation, he prolonged starting a work team for procuring FTX(dot)com again. The relaunch can be perceived as one option taken into thoughts where CEO, Ray assures working on rebuilding the exchange to return money to customers and creditors.
Just like many other native tokens, the cryptocurrency became an incentivized plan for making transactions on an exchange by providing discounts to its holders. Its usage wasn’t a problem until it uncovered an ongoing scenario. Apart from being the main asset that made up the company’s balance sheet, the token was also utilized as collateral by Alameda Research gaining capital from both centralized and decentralized lenders.