FTX Token (FTT) the native token of the now bankrupt cryptocurrency exchange FTX has been on an epic rally this week despite the FTX founder and former CEO Sam Bankman-Fried pleading not guilty to all eight counts of U.S. criminal charges.
Indeed, FTT is trading at $1.40, up 1.15% in the last 24 hours, and up a massive 52.82% across the previous seven days. The value of FTT went below the $1 range for the first time on December 19, 2022, and it stayed below that barrier until it spiked on January 9, 2023.
What’s more, due to the enormous price increase, FTX token is now the 11th most trending cryptocurrency as of January 13, with a total market capitalization of $460.5 million after an influx of $163 million since January 6.
As the tokenomics of FTT are related to the now-defunct FTX exchange and its anticipated future development, the cause for this increase in value is unknown.
FTX controlling addresses
One address controls 59.55% of the total FTT supply, contributing to the extraordinarily high levels of ownership concentration. Furthermore, an unidentified hacker has possession of 45.85 million FTT tokens, which accounts for 13.94% of the total quantity currently in circulation.
The price of one FTT token has increased by over 50% in the last 12 days, after it reached a new all-time low of $0.827 per token on December 30, 2022. On the other hand, it is still significantly lower than its all-time high of $84.18 per token, which was set on September 9, 2021.
The future of FTT is unclear, with Sam Bankman-Fried facing financial fraud charges and FTX declaring bankruptcy. The token’s value has dropped, although not as precipitously as Terra’s (LUNA) did in May. The tokenomics of FTT were intertwined with those of the defunct cryptocurrency exchange FTX.
Many crypto assets, including FTT, have persisted in spite of a lack of roadmap guidance or transparent tokenomics. It’s evolved into a meme token for investors to speculate on, and the current controversy involving SBF and FTX has just added fuel to the fire.
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