In the midst of a bull run, mini or not, literally anything can pump the crypto market, even a token such as FTX’s FTT token. After the stock market’s tragic crash, everything about the stock market collapsed, including its reputation. However, after a while, it seems that part of the exchange is trying to stage a revival.
In the past few months after the stock market failure incident, FTT had gone from a market price of $25 to new lows of around $1. While it may seem like there is no hope for the token, some still find it useful as over the past few days traders have been seen hoarding crypto from the collapsed exchange in a bid to achieve quick wins.
FTT token grows over 40% in 24 hours
Amidst the refreshing green market, FTT took advantage of the “mini bull run” and made more than 50% in the last 7 days. At the moment, the FTT token is still printing bullish trends. From an intraday low of $1.64, FTT soared to higher highs during the morning of January 16th.
The sudden spike added more than 150% to its value in the last 7 days. FTT is now trading at the highest level not seen since the fallout of FTX in early November.
As of this writing, the FTT token is still pumping hard, with a 24-hour high of $2.62 and a current trading price of $2.33.
A revival in sight?
Given the state of the FTT token before the pump and the sudden surge, the odds appear to be less of a revival and more of a manipulation by traders want to earn a few extra bucks. Upon research, there seemed to be no significant news or reason behind the token pump except the theory of it in the process of a pump and dump system.
Regardless of the pump, FTT is still well below its all-time high of $84.18, which was hit during the good days of the exchange and amid the crypto market bull cycle in 2021. In Overall, over the past month, FTT has dropped over 50% and even traded below $1 after the FTX crash.
Additionally, there is no fresh news yet on Sam Bankman-Fried and his collapsed exchange, FTX, that could persuade a pump. So, therefore, the theory remains that the sudden surge in FTT is a pump and dump system that will eventually cause the token to likely reach new lows after the traders initiating the system have finished.
Meanwhile, FTT hasn’t been the only token pumping; other altcoins such as Binance coin (BNB), Fantom (FTM), and Solana (SOL) have also seen green in recent days. BNB is up 2.1% in the last 24 hours, FTM is up 3.2% and SOL is up 8% over the same period.
Featured image from Unsplash, chart from TradingView.com