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FTX (FTT) Token Stuns Market as Volume Climbs Unexpectedly: Details

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Wed, 11/10/2023 - 15:56
FTX (FTT) Token Stuns Market as Volume Climbs Unexpectedly: Details
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Crypto research firm Kaiko draws attention to an unusual and rather strange occurrence for the FTT token.

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Last November, Sam Bankman-Fried's FTX empire collapsed, causing turmoil in the crypto market and prompting officials in the United States and worldwide to strengthen regulatory oversight of digital assets.

The fall of FTX was accompanied by a crash in its native coin, FTT. The token, which was previously valued at more than $80, is now worth roughly $1. According to CoinMarketCap data, FTT was down 1.94% in the last 24 hours to $1.03 at the time of writing.

As the FTT token presents no use case and likely never will again, Kaiko spots an unusual rise in FTT weekly volume, which has been happening since the FTX collapse.

Kaiko noted that since the FTX collapse, the weekly volume has at times climbed past $400 million. This leaves one wondering who is still trading FTT, given the crypto asset's uncertain outlook.

Interestingly, despite the total collapse of the FTX exchange, the FTT token has never quite reached zero.

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FTX (FTT) Token up 120% Since 2023, On-chain Data Reveals Facts Behind 'Mystery Buying'

Kaiko previously stated that the low liquidity surrounding FTT may have attracted a few opportunistic traders looking to profit from price movements. The low volume and liquidity accompanying the FTT token make it easier to spark price movement.

Meanwhile, earlier this week, we saw a movement of funds from FTX addresses. PeckShield alert reports that FTX and Alameda bankruptcy addresses on TRON recently transferred a total of nearly 4.8 million USDT to Kraken.

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