FTT sees 50% breakout and anticipates more gains this October
The post FTT sees 50% breakout and anticipates more gains this October appeared on BitcoinEthereumNews.com.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. FTT, the token of bankrupt FTX, rallies 50% today. Can it sustain gains in October? Plus, Crypto All-Stars’ new “MemeVault” launches. FTT, the native token of the bankrupt crypto exchange FTX, has seen a 50% rally today despite no longer having any utility. Will it generate more gains in October? Let’s take a look. FTT surges on FTX repayments, traders take huge gamble An FTT recovery was probably not on most people’s lists of things to happen in 2024. After the implosion of FTX in 2022, the FTT token has been sidelined from any notable trading activity. But the FTX repayment process is beginning this week, which will see defunct users receive $16 billion. The rise of FTT is completely unexpected, however. The last thing most ex-FTX users will do is invest in the platform’s native token, which played a big part in their losses. However, given its significant rally, the market is clearly betting on some liquidity returning to FTT. Yet since FTX is no longer in use – the FTT token is essentially a meme coin – it has no utility or underlying purpose. But unlike other memecoins, no one is laughing about FTT. While most memecoins hold intrinsic value as community tokens, there is literally no use for FTT besides pure speculation. It’s a bubble waiting to burst. There may be some near-term relief, especially with the tailwind of a $16 billion liquidity injection into the crypto market. Analysts expect crypto prices to rally on the FTX repayments, and some of this liquidity could trickle into FTT. However, unlike fundamentally solid projects, there is no catalyst that will give FTT a second boost once the music…
Filed under: News - @ September 30, 2024 10:28 pm