Wed. Apr 17th, 2024

In November last year, the FTT token lost 95% of its value, while the rumors of FTX insolvency turned out to be true. As a result, the exchange founded by Sam Bankman-Fried filed for bankruptcy. Already compared to January 1, FTT has already appreciated by 222%, leaving almost all other cryptocurrencies behind. As a comparison, Bitcoin is up “only” 25% over the same period. However, no one seems to really know how to explain the reasons for the rise of the FTT token. After all, its value was totally linked to the bankruptcy of FTX, whose founder is locked up in his parents’ house after posting his bail.

What does Crypto Twitter say about the rise of FTT?

To understand the ups and downs of cryptocurrencies, there is nothing better than listening to what investors are saying about the market. Therefore, Criptoinforme turned to Twitter to seek explanations for the unexpected rise of the FTT token. In short, the market is divided in two. On the one hand, the more rational question of how the FTX token has not reached zero yet. On the other hand, the “degens” affirm that this is a good investment because of the “risk/return”.

“Nowhere else in the world will you find shares of companies that committed fraud and went bankrupt with a value of more than 100%. Meanwhile, FTT has yet to be removed from Binance and [valorandose] x3 times from your minimum price. And you wonder why the regulators hate us?” one of them complains.

“This is just stupid,” comments another, pointing to a 60% increase in a single day. “Anyone dumb enough to buy FTT deserves to be dumped, and DEFINITELY will be.” Showing all his love for shitcoins, a third investor compares FTT to LUNA, another big scam not yet digested by the industryunable to believe that the FTX token is worth almost three times more than the other cryptocurrency.

“I have absolutely no explanation why FTT is outperforming LUNA, how come FTT has a market cap of $750 million and LUNA has a market cap of $265 million?”.

Well, the real question is how these two projects still have any value. We keep looking.

Can FTX come back and save FTT?

This week, Sam Bankman-Fried claimed that FTX US (US exclusive exchange) was solvent when it was taken over by its new CEO, John J. Ray III. Therefore, there is a slim chance that any of the hundreds of companies in the SBF empire will survive. One of them could be FTX Japan. After all, Monex already Show interest to buy the Japanese exchange affected by the bankruptcy of FTX international. In addition, another 117 parties have already shown interest to buy other FTX units, such as LedgerX and FTX Europe. Now, even if some of them are revived, it’s hard to imagine them continuing to use the FTT token in any way. Finally, the last delirium would be the return of the FTX, that is, the only reason for the rise of the FTT. Not only was it unlikely to return, but no one would use it again. Thus, the recent FTT rally seems like nothing more than a last chance for those who have yet to sell the bankrupt FTX token.

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By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on wttspod.com for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.