• The native token of the now-defunct crypto exchange FTX Token (FTT), has had a 160% surge in the past week.
• Sam Bankman-Fried, the creator and former CEO of FTX, has pleaded not guilty to eight counts of federal criminal charges.
• Analysts suggest that this is a typical pump and dump, with FTT still 97% below its all-time high.
The crypto markets are experiencing a surge in activity, with many token prices soaring in the past week. One token that has seen tremendous growth is the native token of the now-defunct crypto exchange FTX Token (FTT). This token has experienced a 160% rise in the past seven days, with its price peaking at $2.50 earlier today.
The sudden surge in price comes at a time when the creator and former CEO of FTX, Sam Bankman-Fried, has pleaded not guilty to all eight counts of federal criminal charges. While the exact cause of the FTT rally is still unknown, many analysts suggest that it is likely a pump and dump situation.
FTT reached its all-time high of $84 in September 2021, when FTX was at the peak of its bull market. Following the exchange’s spectacular crash, the token plummeted below $1, where it stayed until Jan.10, when its price started to move again. It eventually rose to a high of $2.50 earlier today.
The news regarding FTX or Sam Bankman-Fried this morning has been nonexistent, leading many to believe that the pump is likely a result of a FOMO (fear of missing out) caused by traders desperately buying defunct exchange assets.
It remains to be seen if FTT will continue to rise in the coming days, or if the token will return to its pre-rally price. For now, it appears that the token is still a long way off from achieving its all-time high, with analysts suggesting that this is a typical pump and dump. Only time will tell if the FTT surge is here to stay.