FTX’s FTT Suddenly Surges By 50%; What Could This Mean?
As the drama surrounding FTX continues to play out, the value of FTX’s token, FTT, is now seeing a significant increase. At the time of publication, the value of the token had increased by about fifty percent in the previous twenty-four hours and had increased by more than one hundred and eighty percent in the previous week, making it without a doubt one of the most lucrative crypto assets available right now.
So Why is FTT Massively surging right now?
The question is, what could possibly be the cause of this? I mean, we’ve seen quite a few crypto organizations collapse and pull down their tokens with them, but FTT seems to be rising above the multiple difficulties that its issuer is experiencing right now… or so it would seem.
In the beginning, FTT did behave as if it was going to collapse as well. In the weeks and months that followed the collapse of the exchange, the price of FTT saw a precipitous decline, going from a range of $25 to a new low of about $1. However, it is obvious that the token is now rising in value.
From my point of view, this does not necessarily indicate that there will be a resurgence. Since FTT is still 97% lower than its all-time high, even after posting a gain of 180% over the previous week, the difference is significant. The price of the token skyrocketed to $84 in September of 2021, when FTX was in its prime and the cryptocurrency industry was booming.
It seemed that there was no substantial news or rationale for the token pump, other than the assumption that it was in the midst of being pumped and dumped as part of a scheme, which means that it’s simply a ploy by some traders seeking to earn a few more cash. It could collapse any time as easily as it has risen.