FTX 2.0 Speculation Sends FTT Price Soaring
If you are a holder of FTX’s proprietary token, FTT, you may have noticed a remarkable surge of over 80% in its value. This surge was triggered by reports suggesting that Tom Farley, the former president of the New York Stock Exchange (NYSE), is interested in acquiring and reviving the collapsed exchange.
FTT’s Trading Volume and Market Analysis
On Thursday, FTT’s value jumped from $1.22 to $2.38, driven by disclosures hinting at Tom Farley as a potential buyer for FTX. The speculation was fueled by a Wall Street Journal article quoting sources familiar with the matter. As a result, FTT has gained 82% against the dollar and experienced a 111.8% uptick in its 30-day trajectory.
FTT’s trading volume reached $485.99 million, making it the 13th most traded crypto asset out of over 10,000 contenders. Currently, there are approximately 28,713 FTT holders, with the largest wallet holding 59.5% of FTT’s total circulating volume of 328.89 million.
The top 100 FTT holders possess 98.73% of the total coins as of November 9, 2023. Market analysis indicates a potentially overstretched rally, with the relative strength index (RSI) reaching a high of 86.47, suggesting a possible imminent cooldown.
Warnings for Traders
It’s important for traders to proceed cautiously as significant price spikes in FTT have often led to impending market swings. This pattern has been observed before with FTX 2.0 rumors, demonstrating a “pump and dump” cycle. For example, in mid-April 2023, FTT’s worth against the dollar surged by 70% amid talks of the exchange’s potential resurgence but then declined rapidly in less than a week.
Hot Take
Is It Time to Invest in FTT?
If you are considering investing in FTX’s proprietary token, it’s important to carefully consider market volatility and potential “pump and dump” cycles before making any decisions.
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