Regardless of FTX’s collapse final month, the buying and selling platform’s crypto token FTT had managed to not plummet all the best way right down to zero, and surprisingly it hovered under the $2 per unit area after Nov. 12, 2022. For 38 days FTT remained above the $1 per unit space up till Dec. 19, because the token all of the sudden crashed under the $1 area throughout the mid-afternoon buying and selling periods, slipping to a low of $0.89 per FTT at 2:30 p.m. (ET).
Bankrupt FTX’s Alternate Token FTT Drops Under the $1 Value Vary
Ftx token (FTT), the crypto change ERC20 coin tied to the now-defunct change, FTX, broke under the $1 assist line on Monday, Dec. 19, 2022. Curiously, not like the Terra collapse and the native token LUNA dive bombing to zero, FTT fell from $25.78 per coin on Nov. 5, 2022, to roughly $1.59 per unit on Nov. 14, three days after FTX filed for chapter safety.
FTT tapped $1.92 per coin the next day on Nov. 15, and it might not see that worth peak once more after that time. For 38 consecutive days since Nov. 12, FTT has been under $2 and above the $1 vary, and it tapped a excessive of $1.88 per coin on Dec. 9. 11 days later, FTT markets are struggling and for the primary time because the token was launched, it reached its all-time low Dec. 19.
The change token sunk to $0.894 per unit at round 2:30 p.m. (ET) on Monday afternoon. On Tuesday, on the time of writing, FTT is down 8.6% in opposition to the U.S. greenback. Whereas FTT’s worth stays under $1, a myriad of crypto belongings on Tuesday have seen beneficial properties and FTT has not. FTT’s market cap rank shouldn’t be relevant as a result of the venture’s contract deployer unlocked the locked FTT tokens into circulation final month.
Coin market cap aggregation websites like coingecko.com don’t rank the crypto asset’s cap among the many hundreds of different crypto belongings listed. It’s assumed there’s a complete provide of 328,895,112 FTT tokens within the wild in the present day and over the last 24 hours, FTT has seen $7.26 million in international commerce quantity.
FTT commerce volumes have dwindled an excellent deal since FTX’s collapse and in the present day essentially the most energetic FTT buying and selling is happening on Binance, Kucoin, and Sushiswap. Whereas FTT has damaged under the $1 assist, the crypto asset has remained consolidated just under that area at costs between $0.89 and $0.98 per unit.
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