FTX Token (FTT) surpasses bearish market sentiment, rallying by 35%
Following the recent announcement that FTX customers may receive full reimbursement, FTX Token (FTT) has experienced a remarkable surge in value over the past day.
Within the last 24 hours, FTT has seen a 35.6% increase and is currently trading at $2.16. This surge has propelled the asset’s market cap to $710 million, positioning it as the 108th-largest cryptocurrency. Notably, the price of FTX Token reached a six-week high of $2.27 at approximately 05:00 UTC, a level not seen since mid-March.
According to data provided by Santiment, the FTT Relative Strength Index (RSI) has risen from 57 to 62 in the past 24 hours. This indicates that the token is currently overbought and suggests the potential for high price volatility.
It is worth noting that, at present, FTX Token does not serve any specific purpose and could still be utilized to repay the exchange’s creditors.
A recent report reveals that FTX exchange possesses billions of dollars more than necessary to compensate for the losses incurred by over two million customers in November 2022.
Santiment’s data also shows that FTT has had 95 active addresses in the past 24 hours. Although this represents a significant increase from the 61 daily active addresses recorded in the previous two days, there is still a possibility of whale activity and manipulation.
Furthermore, FTT’s daily exchange inflow has surged by 75% in the past 24 hours, reaching 302,950 tokens, as reported by Santiment. This sudden increase in exchange inflow may entice some investors and traders to seek short-term profits.
Santiment’s data indicates that 230 million out of the total circulating supply of 328.8 million FTT tokens are currently in a profitable state.
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