FTX’s proprietary token, FTT, has witnessed an impressive surge of over 80% following reports that say Tom Farley, the former president of the New York Stock Exchange (NYSE), is potentially interested in acquiring and rebooting the collapsed exchange.
FTT Price Jumps More Than 80% Over FTX 2.0 Speculation
On Thursday, FTT’s value soared, escalating from an early-day trough of $1.22 to a zenith of $2.38. Sparking this ascent were disclosures hinting at Tom Farley, who steered the NYSE Group from 2014 to 2018, as a contender in the pool of prospective buyers for FTX.
These speculations were fueled by a Wall Street Journal article quoting sources “familiar with the matter.” Since the announcement, FTT has notched an 82% gain against the dollar, and its 30-day trajectory shows a 111.8% uptick.
On the same day, FTT’s trading volume hit $485.99 million, ranking it as the 13th most traded crypto asset amongst over 10,000 contenders. Currently, FTT has approximately 28,713 holders, with the single largest wallet holding 59.5% of FTT’s total circulating volume of 328.89 million.
The top echelon of 100 FTT holders possesses a staggering 98.73%, or 324,724,765.33 FTT coins as of November 9, 2023. Market analysis indicates a potentially overstretched rally, with the relative strength index (RSI) reaching a high of 86.47, which could suggest an imminent cooldown.
The Stochastic oscillator and the commodity channel index (CCI) still portray a strong, albeit erratic, market drive. FTT’s movement across various moving averages suggests the market may be verging on a saturation point, possibly signaling a forthcoming dip in FTT’s valuation.
Traders are advised to tread lightly, as FTT’s significant price spikes are often harbingers of impending market swings. This pattern of sharp value escalation followed by rapid declines has been observed before with FTX 2.0 rumors, evidencing a “pump and dump” cycle. For instance, in mid-April 2023, FTT’s worth against the dollar ballooned by 70% amid talks of the exchange’s potential resurgence, only for those gains to evaporate in less than a week.
What do you think about FTT’s quick run-up on November 9? Share your thoughts and opinions about this subject in the comments section below.