Crypto markets are still in the green this Monday early morning. Nevertheless, some token costs are increasing.
The native token for the insolvent FTX exchange, FTT, is pumping at the minute. From an intraday low of $1.64, FTT rose to a high of $2.50 throughout the early morning hours of Jan. 16.
The relocation included 52% to the token’s rate in 18 hours. FTT is now trading at its greatest level given that the FTX collapse in early November.
At the time of press, it was back to altering hands for $2.34.
An FTT Revival?
There seems little factor for the FTT pump aside from degen FOMO (worry of losing out).
Even after a gain of 157% over the previous week, FTT is still down 97% from its all-time high. Throughout the prime times of FTX and the crypto booming market, the token rose to $84 in September 2021.
Following the exchange’s legendary implosion, FTT plunged listed below $1 and stayed there till Jan. 10, when it began to move once again.
Moreover, there has actually been no brand-new news concerning FTX or Sam Bankman-Fried today to cause the pump.
On Jan. 15, BeInCrypto reported that previous FTX.US president Brett Harrison stated SBF was unpleasant with his command being challenged. He included that SBF was “unpleasant with dispute” and might struggle with “dependency and psychological illness.”
Late recently, a personal bankruptcy judge authorized the sale of FTX subsidiaries LedgerX, Embed, FTX Europe, and FTX Japan.
For That Reason, FTT might fall back as quick as it climbed up if this is simply another degen pump and dump.
Other Altcoin Pumps
FTT is not the only altcoin on fire at the minute, as a couple of others are likewise rising.
Frax Share (FXS) is up a tremendous 40% on the day, making it the leading entertainer in the crypto leading 100 by market cap.
Decentraland’s MANA token has actually likewise made a strong relocation acquiring 23.5% over the previous 24 hr. Other altcoins with double-digit gains today consist of Zilliqa (ZIL) and Curve DAO (CRV).
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