FTT Increases by 50% in 48 Hours. Here Are the Reasons

The native token of FTX, FTT, has recently experienced a significant surge, reaching the top spot on the list of the most profitable altcoins. This ascent has sparked considerable interest in the community, prompting Santiment to assess the possible reasons behind this upswing.

The backdrop to this event includes the agreement between Binance, the world’s largest exchange, with the U.S. government regarding accusations against it, and CZ’s resignation as Binance CEO. Although this agreement initially led to a decline in Bitcoin and altcoins, the market began to recover shortly afterward.

It was reported that Binance would have to pay a penalty of over $4.3 billion, the highest ever imposed on a cryptocurriences company. In addition, Changpeng Zhao had to resign and face legal charges. Another well-known Binance employee, Richard Teng, has already replaced CZ.

In this scenario, FTT stood out positively by recording a 50% increase in the last 48 hours and a 21.2% rise in the last 24 hours, making it one of the most profitable altcoins. On a monthly basis, FTT also showed impressive growth, exceeding 340.75%.

? Those who took a chance on $FTT continue to be rewarded, with a second rally for #FTX's native token coming after yesterday's #Binance news. Its price appears to have been boosted by the 10 largest wallets accumulating $12.8M worth of coins in 19 days. https://t.co/V3QNq91asF pic.twitter.com/DL5pkVfW96

— Santiment (@santimentfeed) November 23, 2023

Reasons Behind FTT’s Surge

Santiment pointed out that the top 10 whale wallets accumulated $12.8 million in FTT in the last 19 days, contributing significantly to this increase. They also noted that the growth occurred in two different phases and time frames. Whales triggered the first increase through their accumulation, while the second, occurring in the last 48 hours, stemmed from the news about the agreement between Binance and the U.S.

Furthermore, analysts suggest that FTT’s recovery could stem from the possibility of FTX reopening. These experts claim that both individual and institutional investors have welcomed this prospect, acting as a catalyst for the increase in the token’s value.

According to recently published information on CoinMarketCap, as of the writing date, FTT, which reached $5.5 on November 10 with the increase in the last month, is currently trading around $4.63. Its market capitalization has grown by 17%, hovering around $1.523 billion, while its volume has decreased by approximately 24%, just surpassing $292 million.