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FTT rallies 25% as it benefits from FTX revival hopes, Binance saga

  • FTT price climbed 25% in the past week, amidst hopes of FTX2.0 and the events that led to Binance’s settlement.
  • FTX exchange’s native token started a second rally after news of Binance’s $4.3 billion settlement with the DoJ. 
  • FTT’s largest wallet addresses have accumulated $12.8 million in tokens since November 3.

FTT, the native token of FTX exchange, rallied to its local top of $5.54 on November 10, this is a level previously seen in 2022. The token’s price rally is driven by two likely catalysts, market participants’ hopes for FTX 2.0 launch and Binance’s $4.3 billion settlement with the Justice Department, reminiscent of the FTX bankruptcy saga.

Also read: If you like Bitcoin, buy Bitcoin: Jim Cramer admits to making profits from Bitcoin investments

FTT whales scoop up the token, alongside massive price surge

FTT price noted 25% weekly gains against the USD Tether (USDT) on Binance. FTX exchange’s liquidation of assets and transfer of funds, added to the rising activity in the crypto ecosystem. FTX and affiliate trading firm Alameda Research transferred a total of $474 million in assets to meet the financial obligations of the bankrupt exchange and pave the way for a new exchange, FTX2.0.

There are plans to revive FTX as FTX2.0 by Q2 2024. These plans are likely acting as a catalyst, driving FTT token’s price higher.

Based on data from crypto intelligence tracker, Santiment, FTT token observed a second rally. In the past 19 days, 10 of the largest FTT wallets scooped up $12.8 million worth of tokens. This implies holders have a bullish outlook and expect FTT price to climb higher. 

ftt

FTT token accumulation by whales 

Further, the news of Binance’s $4.3 billion settlement with the US Department of Justice resulted in capital outflow from BNB and fueled demand for FTT token. Santiment data captured the demand for FTT and its resulting price rise in the chart below. 

ftx

BNB loses value, FTT price observes gains

At the time of writing, FTT price is $4.20. The token is likely to sustain its weekly gains and climb higher in response to the bullish developments. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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