FTT, the native token of beleaguered crypto exchange FTX, has seen its value grow by at least 13.3% over the last 14 days.
The growth came against the backdrop of the trial of former FTX CEO Sam Bankman-Fried. A 12-person jury found the FTT creator guilty of all charges proffered against him, with sentencing scheduled for March 28, 2024.
However, following the verdict, FTT lost some momentum, recording a 0.2% drop in the last 24 hours and a 5.9% loss over seven days.
The token’s total supply of 328,895,103 is currently valued at more than $389 million, with each priced at $1.18.
Exchange relaunch plans nudge up FTT prices
In June, rumors of a potential FTX reboot fanned investor confidence, leading many to believe FTT was undervalued. The speculation propelled a fresh wave of capital investment into the token, causing its price to increase by more than 20%.
Efforts to resurrect the platform are underway. FTX’s current management, under the leadership of CEO John Ray III, is focusing on winning back user trust by enhancing service efficiency, rebranding products, reinforcing security measures, and demonstrating increased accountability towards prospective clients.
While FTT is currently on a growth trajectory, revising its all-time high of $85.02 — representing a drastic drop of more than 98% from its current position — seems an overly ambitious expectation.
The token was central to the explosive revelations about Bankman-Fried’s crypto business. A CoinDesk report revealed that Alameda Research was suspiciously stacked with FTT
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Author: Julius Mutunkei
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