FTT price up 13% following 2-week rally
FTT, the native token of beleaguered crypto trade FTX, has seen its worth develop by at the very least 13.3% during the last 14 days.
The expansion got here towards the backdrop of the trial of former FTX CEO Sam Bankman-Fried. A 12-person jury discovered the FTT creator responsible of all expenses proffered towards him, with sentencing scheduled for March 28, 2024.
Nevertheless, following the decision, FTT misplaced some momentum, recording a 0.2% drop within the final 24 hours and a 5.9% loss over seven days.
The token’s whole provide of 328,895,103 is at present valued at greater than $389 million, with every priced at $1.18.
Alternate relaunch plans nudge up FTT costs
In June, rumors of a possible FTX reboot fanned investor confidence, main many to imagine FTT was undervalued. The hypothesis propelled a recent wave of capital funding into the token, inflicting its worth to extend by greater than 20%.
Efforts to resurrect the platform are underway. FTX’s present administration, underneath the management of CEO John Ray III, is specializing in profitable again consumer belief by enhancing service effectivity, rebranding merchandise, reinforcing safety measures, and demonstrating elevated accountability in direction of potential shoppers.
Whereas FTT is at present on a progress trajectory, revising its all-time excessive of $85.02 — representing a drastic drop of greater than 98% from its present place — appears an excessively formidable expectation.
The token was central to the explosive revelations about Bankman-Fried’s crypto enterprise. A CoinDesk report revealed that Alameda Analysis was suspiciously stacked with FTT tokens from FTX, hinting at murky monetary dealings and an impending disaster.
It was additionally the primary indicator that Alameda and FTX had been extra entangled than initially thought, resulting in a tumultuous interval of chapter filings and authorized expenses.
Solana worth up 40%
FTX stays embroiled in chapter court docket. Collectors are projected to obtain a mean return of 37 cents on the greenback, in keeping with estimates by Matrixport in September.
The chapter property’s worth has seen a reported improve of about $1 billion over the previous fortnight, pushed by a surge within the worth of the Solana blockchain’s native token SOL.
FTX holds roughly 55.8 million SOL tokens, most of that are at present non-tradable. Nevertheless, the chapter property has been transferring giant quantities of the token into exchanges just lately, with market observers speculating they’re being readied on the market.
Final month, an official debtor enterprise portfolio report listed the SOL holdings at a market worth of $1.16 billion. Since then, the value of SOL has doubled from $20 to $40 per token.
