The cryptocurrency market has been abuzz as FTX's native token, FTT, witnessed a dramatic surge, rising over 55% in the last 48 hours to trade at $4.85 today. This increase is part of a month-long rally that saw the token appreciate by 390%, pushing its market capitalization to $1.5 billion. The remarkable recovery comes amid a broader uptick in related cryptocurrencies and meme coins, despite FTT's past limited utility on the now-bankrupt FTX platform.
The spike in FTT's value is attributed to significant buying activity from the top 10 whale wallets, which have collectively accumulated approximately $12.8 million worth of FTT, according to data from Santiment. This institutional interest has helped the token reach a year-to-date high and surpass key resistance levels.
In contrast to FTT's rise, Binance's BNB token experienced a 13% decline to a valuation of $235, alongside massive net outflows totaling $1 billion. This downturn coincides with Binance facing legal challenges in the U.S., including a hefty $4.3 billion settlement with the Department of Justice and the resignation of its CEO.
Amid these developments, there is renewed hope for FTX's revival as bids come in from various parties, including Tom Farley’s Bullish and others like Figure Technologies and Proof Group, following Bullish’s recent acquisition of CoinDesk.
Market analysts are closely watching FTT as it currently sits in a distribution phase after an accumulation period. Analyst Crispus, with nine years of experience and who manages his family's trading operations from Nairobi, suggests that while there is potential for a bearish breakout, if FTT can sustain momentum and break above the $5.530 resistance level, further gains could be on the horizon.
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