FTX's native token, FTT, has experienced an impressive 80% surge in price amid plans for the once-bankrupt cryptocurrency exchange to make a comeback.
Its price skyrocketed from $1.31 to $2.45 after FTX announced it had successfully recovered more than $7.3 billion in cash and liquid crypto assets. The exchange's attorney, Andy Dietderich, recently revealed that the company is considering rebooting the controversial crypto exchange in the second quarter of this year.
According to CoinGecko, FTT's 24-hour trading volume reached $364 million, with the token's price ranging from $1.31 to $2.74.
FTT is still down 97.06% from its record high. It reached an all-time high of $84.18 in September 2021 but subsequently plummeted to an all-time low of $0.827479 in December 2022 after the exchange filed for bankruptcy and founder Sam Bankman-Fried got arrested.
Despite the recent surge in FTT's price, critics have raised concerns about the reliability of the crypto space. Some critics pointed out the issue of decentralization, stating that it often results in easily replicable coins that hold value without any intrinsic backing.
This skepticism highlights the ongoing debate about the sustainability of digital currencies, especially those associated with controversial exchanges like FTX.
The future of FTX and its native token, FTT, remains uncertain as the exchange attempts to re-establish itself in the crypto market.
Dan Burgin
U.Today Editorial Team
Vladislav Sopov