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NewsBTC 2023-01-16 09:30:37

FTX’s FTT Token Spikes 43%, A Revival In The Works?

Amid a bull run, mini or not, literally, anything can pump in the crypto market, even a token such as FTX’s FTT Token. After the tragic fall of the exchange, everything about the exchange crashed, including its reputation. However, after a while, it seems as though a piece of the exchange is trying to stage a revival. Over the past months following the exchange’s bankruptcy incident, FTT had fallen from a ranging $25 market price to new lows of around $1. Though it may seem as if there is no hope for the token, some still find it useful as, in the past few days, traders have been seen accumulating the collapsed exchange’s crypto in an attempt to make quick gains. FTT Token Surges By Over 40% In 24 Hours Amid the refreshing green market, FTT has taken advantage of the “mini bull run” and has done more than 50% in the last 7 days. At the moment, the FTT token is still printing bullish trends. From an intraday low of $1.64, FTT has skyrocketed to higher highs during the morning hours of January 16. The sudden spike added over 150% to its value in the past 7 days. FTT is now trading at the highest level ever seen since the FTX fallout in early November. At the time of writing, the FTT token is still pumping hard, with a 24-hour high of $2.62 and a current trading price of $2.33. Related Reading: FTX Token Jumps 65% As SBF Returns Home, Can FTT Hold The Gains? A Revival Happening? Given the state of the FTT token prior to the pump and the sudden surge, the chances appear to be less of a revival but instead a manipulation by traders wanting to make a few extra bucks. When doing research, there seemed to be no significant news or reason behind the token pump except the theory of it in the process of a pump and dump scheme. Regardless of the pump, FTT is still way below its highest peak of an all-time high of $84.18 which was achieved during the good days of the exchange and amid the crypto market bull cycle in 2021. Overall, in the past month, FTT has fallen by more than 50% and even traded below $1 following the FTX crash. Furthermore, there’s yet to be any fresh news on Sam Bankman-Fried and his collapsed exchange, FTX, that could persuade a pump. So, therefore, the theory remains to be that FTT’s sudden surge is a pump-and-dump scheme that will eventually make the token probably reach new lows after the traders initiating the scheme are done. Related Reading: SEC Charges SBF Of Allegedly Conducting Fraud Schemes Meanwhile, FTT hasn’t been the only token pumping; other altcoins such as Binance coin (BNB), Fantom (FTM), and Solana (SOL) have also been seeing green over the past few days. BNB is up 2.1% in the last 24 hours, FTM 3.2%, and SOL 8% over the same period. Featured image from Unsplash, chart from TradingView.com

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