Crypto Investors Shift from BNB to FTT
Following the news that Binance founder Changpeng Zhao was stepping down as CEO, the price of BNB took a significant hit. This led to speculation that investors might be selling off their BNB tokens for FTT, the native token of FTX exchange. Santiment, an on-chain tracker, reported a noticeable shift in BNB’s price in favor of FTT during a day of market downturn, with FTT being one of the few tokens to see positive gains.
As BNB’s value fell by 10%, FTT saw an uptick of 7%, leading to speculation that traders were swapping BNB for FTT amidst ongoing controversy surrounding Binance. This trend suggests a possible exodus from BNB to FTT in light of recent developments.
FTX Token Emerges as Market Leader
FTT has experienced significant growth following the Binance settlement, with CoinMarketCap data indicating a 12% increase in the last day, positioning it as the top gainer. In contrast, BNB has suffered substantial losses, making it the second top loser. As Binance seeks stability under new leadership, price recovery for BNB is anticipated; however, Santiment warns that lingering trader fear, uncertainty, and doubt (FUD) could delay a quick bounce back for the altcoin.
Despite adversity, BNB’s current trading price of $233, up from the Tuesday low of $223, indicates resilience, even after being slapped with a $4 billion regulatory fine.
Hot Take: FTT Gains Momentum Amidst BNB Decline
While BNB’s fate remains uncertain, investors flock to FTT, signaling a potential shift in the crypto market landscape. With Binance mired in controversy, FTT seems to be gaining favor, emerging as a possible alternative for crypto enthusiasts.
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