Amid a bull run, mini or not, actually, something can pump within the crypto market, even a token corresponding to FTX’s FTT Token. After the tragic fall of the alternate, all the things concerning the alternate crashed, together with its repute. Nevertheless, after some time, it appears as if a bit of the alternate is attempting to stage a revival.
Over the previous months following the alternate’s chapter incident, FTT had fallen from a ranging $25 market worth to new lows of round $1. Although it might appear as if there is no such thing as a hope for the token, some nonetheless discover it helpful as, prior to now few days, merchants have been seen accumulating the collapsed alternate’s crypto in an try to make fast features.
FTT Token Surges By Over 40% In 24 Hours
Amid the refreshing inexperienced market, FTT has taken benefit of the “mini bull run” and has achieved greater than 50% within the final 7 days. In the mean time, the FTT token continues to be printing bullish developments. From an intraday low of $1.64, FTT has skyrocketed to greater highs through the morning hours of January 16.
FTT worth is shifting sideways on the 1-hour chart. Supply: FTTUSDT on TradingView.com
The sudden spike added over 150% to its worth prior to now 7 days. FTT is now buying and selling on the highest degree ever seen for the reason that FTX fallout in early November.
On the time of writing, the FTT token continues to be pumping onerous, with a 24-hour excessive of $2.62 and a present buying and selling worth of $2.33.
A Revival Taking place?
Given the state of the FTT token previous to the pump and the sudden surge, the probabilities look like much less of a revival however as a substitute a manipulation by merchants desirous to make a couple of further bucks. When doing analysis, there appeared to be no important information or cause behind the token pump besides the speculation of it within the strategy of a pump and dump scheme.
Whatever the pump, FTT continues to be manner under its highest peak of an all-time excessive of $84.18 which was achieved through the good days of the alternate and amid the crypto market bull cycle in 2021. General, prior to now month, FTT has fallen by greater than 50% and even traded under $1 following the FTX crash.
Moreover, there’s but to be any contemporary information on Sam Bankman-Fried and his collapsed alternate, FTX, that might persuade a pump. So, due to this fact, the speculation stays to be that FTT’s sudden surge is a pump-and-dump scheme that can ultimately make the token most likely attain new lows after the merchants initiating the scheme are achieved.
In the meantime, FTT hasn’t been the one token pumping; different altcoins corresponding to Binance coin (BNB), Fantom (FTM), and Solana (SOL) have additionally been seeing inexperienced over the previous few days. BNB is up 2.1% within the final 24 hours, FTM 3.2%, and SOL 8% over the identical interval.
Featured picture from Unsplash, chart from TradingView.com