FTT price rises 13% after two consecutive weeks of gains

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FTT, the native token of troubled cryptocurrency exchange FTX, has grown in value by at least 13.3% over the past 14 days.

The growth comes against the backdrop of the trial of former FTX CEO Sam Bankman-Fried. A 12-person jury found the FTT founder guilty of all charges against him, and sentencing is scheduled for March 28, 2024.

However, FTT lost some momentum after the verdict, falling 0.2% in the past 24 hours and 5.9% in seven days.

FTT price rises 13% after two consecutive weeks of gains - 1
FTT 14-day price chart | Source: CoinGecko

The token has a total supply of 328,895,103 units and is currently worth over $389 million, priced at $1.18 each.

Exchange relaunch plans push FTT prices higher

In June, rumors about a possible relaunch of FTX stoked investor confidence, leading many to believe that FTT was undervalued. This speculation drove a new wave of capital investment into the token, causing its price to rise by more than 20%.

Efforts to revive the platform are ongoing. FTX’s current management, led by CEO John Ray III, is focused on gaining user trust by improving service efficiency, rebranding its products, strengthening security measures and increasing accountability to potential customers.

While FTT is currently on a growth trajectory, revising its all-time high of $85.02 (a massive drop of over 98% from its current position) seems like an overly ambitious expectation.

The token is the core of the explosive Revelation About Bankman-Fried’s crypto business. A report from CoinDesk revealed that Alameda Research was suspiciously stacked with FTT tokens from FTX, hinting at shady financial dealings and an impending crisis.

It was also the first sign that the entanglement between Alameda and FTX was more serious than initially thought, leading to a chaotic period of bankruptcy filings and legal charges.

Solana price jumps 40%

FTX remains mired in bankruptcy court. Creditors are expected to receive an average return of 37 cents per dollar, according to estimates. matrix port in September.

The value of bankruptcy estates has risen report The price of SOL, the native token of the Solana blockchain, has soared, adding about $1 billion in the past two weeks.

FTX holds approximately 55.8 million SOL tokens, most of which are currently untradeable. However, the bankrupt estate has recently moved a large number of tokens to exchanges, with market observers speculating that they are preparing for sale.

Last month, an official debtor risk portfolio report listed SOL’s holdings with a market value of $1.16 billion. Since then, the price of SOL has doubled, from $20 to $40 per token.


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