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FTT token soars over 70% in a week on FTX relaunch rumors

FTT token soars over 70% in a week on FTX relaunch rumors

Amidst ongoing speculation and anticipation surrounding the fate of the collapsed FTX exchange, recent months have witnessed a surge in rumors about a potential revival. 

According to the latest developments, the embattled crypto exchange is intensifying its efforts to relaunch its platform while concurrently navigating the bankruptcy process, The Wall Street Journal (WSJ) reported on June 29. 

These rumors have led to a significant price push for FTT, FTX’s native token, which surged more than 70% over the past week. At the time of writing on Thursday, June 29, FTT was trading at $1.69, up 18.1% in the past 24 hours.

Over the past 7 days, the FTX’s native crypto token gained 71.2%, surging from $0.97. During that period, FTT’s market cap soared by around $233 million to $556.9 million.

FTT 1-week price chart. Source: Finbold

Year-to-date, FTT’s price rallied by nearly 110%, although the bulk of those gains came from the past week. In the lat 30 days, FTT saw 18 green days, translating to 60%. 

Although its most recent price increase is drastic, the token’s value remains a far cry from its all-time high of $84.09 it reached in September 2021 during the crypto market’s strongest-ever bull run. 

What’s more, its 30-day volatility, a measure that gauges the risk of a certain asset, remains very high at 13.90%.

FTX revival is a real possibility

While rumors about a potential FTX reboot have been around for some time now, the latest WSJ report suggests that the odds of that happening higher-than-expected. 

Per the report, the collapsed company has initiated “the process of soliciting interested parties to the reboot of the exchange,” said John J. Ray III, FTX’s new CEO who took over in November following its bankruptcy filing. 

FTX has been reportedly engaged in early discussions with investors about backing a possible reboot of FTX through multiple structures, including a joint venture.

If those speculations were to materialize, FTX would likely undergo a complete rebrand. The talks also touched on potential compensation for existing FTX customers, with one of the possibilities being offering them stakes in the reorganized business. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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