- The FTT token has surged a large 28% up to now 24 hours.
- The upcoming distribution of FTT tokens may very well be the rationale for the surge.
- Pudgy Penguin has reserved a small provide of tokens for FTT holders.
FTT, the native token of bankrupt digital asset buying and selling platform FTX, has soared 28% up to now 24 hours to $3.51, its highest value since January 2024. The crypto business speculates that the upcoming token distribution is a part of the alternate's chapter proceedings. That is the primary cause for the rise of digital belongings.
In response to CoinMarketCap knowledge, FTT has a market capitalization of $1.15 billion, as soon as once more becoming a member of the listing of high 100 digital belongings by market capitalization. It’s at present ranked 109th on the web site. Up to now 30 days, the altcoin has gained 109.13% and within the final week alone it has gained 54.50%.
Earlier this yr, a courtroom permitted FTX Estates' chapter plan, permitting the alternate to repay a whopping $16.5 billion to the defunct digital asset buying and selling platform's collectors. U.S. Chapter Court docket Decide John Dorsey permitted the plan, praising administration for dealing with the “very advanced Chapter 11 chapter course of.”
The upcoming launch of PENGU, the official token of the Pudgy Penguin Non-Fungible Token (NFT) undertaking, is another excuse for the excessive value of FTT tokens. A small portion of the airdrop provide was reserved for FTT holders, which pushed the altcoin’s value to new highs.
Associated article: FTX's FTT token defies logic and trades at $2 regardless of chapter
FTT value evaluation
The day by day chart supplied by TradingView beneath confirms that FTT has been on an uptrend for the previous few weeks, and the general market can be bullish. Moreover, the buying and selling quantity of altcoins has been steadily rising, indicating rising investor curiosity.
The relative power index (RSI) reveals a price of 81.69. Which means the FTT token is overbought and a correction is probably going. Nevertheless, contemplating the slope of the road, if the general market stays steady and bullish, altcoins are prone to proceed reaching new highs.
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