FTT Token Suddenly Jaking 28 Percent, Who Is Pump?

FTT tokens suddenly pump. (Photo; Doc. Business 2 Community)

JAKARTA FTT is a token issued by the bankrupt FTX crypto exchange. FTT reportedly experienced a significant increase recently. The price of the FTT token rose 28.42 percent since last January 9. Then who is the pump FTT?

In recent days, tokens have experienced a significant increase. FTT had penetrated 1.36 US dollars after being in the range of 0.9 US dollars per token. Currently, FTT tokens hold above a price of 1 US dollar based on Coingecko data.

Until now, the exact cause of the FTT price spike is not known. The reason is, the token is related to FTX which has gone bankrupt. The bankruptcy of FTX indicates that the FTT token does not have a bright future. However, the recent increase in FTT has attracted attention.

According to a Bitcoin.com News report, there is one address that has a high number of FTT tokens. The address controls about 59.55 percent of the total token supply. Then, the report also states that the second largest token holder, the unknown hacker, holds 45.85 million FTT tokens (about 13.94 percent of supply).

It doesn't stop there, there is another address that holds 10 million FTT tokens or the equivalent of 3.04 percent of the entire supply. In December 2022, FTT tokens skidded below $1. However, on January 9, 2023, FTT again soared. A number of crypto exchanges that are still actively trading FTT tokens include Mexc Global, Kucoin, Binance, Gate.io, and DEX SushiSwap.

The price of the FTT token had reached its all-time low at the level of 0.82 US dollars per token on December 30, 2022. Since then, the price of the FTT has increased by 63.5 percent according to Coingecko data.

With Sam Bankman-Fried (SBF) facing charges of financial fraud and FTX filing for bankruptcy, the future of the FTT is uncertain. Nonetheless, tokens did not experience the same sharp decline as that experienced by LUNA Terra last May. FTT's tokenics are closely linked to FTX, including providing merchants with cost reductions in crypto exchanges that are now no longer working.

FTT is one of many crypto assets that has managed to survive despite a lack of clear development or toxics. The increase in FTT and hacking cases, as well as the bankruptcy of FTX, indicate the future of the token cannot be called bright.