by This surge suggests significant institutional attention despite the token’s historical association with FTX’s financial challenges.
Amid market uncertainties around Changpeng “CZ” Zhao’s departure as Binance CEO,
the in-house cryptocurrency of the FTX crypto exchange, FTX Token (FTT),
witnessed a momentary bull run. FTT surged in market value by more than 55% in the past 48
hours and is currently trading at $4.63, reflecting a 30% increase from $3.56.
FTX’s native token is experiencing another surge following Binance’s $4.3 billion settlement with
the United States Department of Justice, according to on-chain analyst firm Santiment.
This goes against expectations that FTT would fall in price because it’s the new token representing
the FTX crypto exchange’s relaunch (FTX 2.0). The token’s value appears to have been boosted,
with the ten largest wallets accumulating $12.8 million in coins in 19 days.
According to Santiment, FTT has recorded 337% growth on the monthly chart, with a significant
portion of these gains occurring in the last ten days. Notably, the top 10 whale wallets have been
heavily accumulating FTT during this period, leading to a 255% increase in FTT’s market value compared to Bitcoin.
