FTT Token Rises 30%: Binance Effect or FTX 2.0 Reopening?

The FTT token is continuing its ascent in the wake of reports that the FTX 2.0 reopening is imminent, even though Binance‘s future appears bleak.

The native FTT token of FTX has seen a massive price surge of more than 55% in the past 48 hours as the events at crypto exchange Binance unfold. The FTT token is currently selling at $4.63, a 30% increase over its previous price.

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Accumulation of FTT Token Whales

The native token of FTX, FTT, has seen an incredible monthly growth rate of 337%. The top ten whale wallets have been quite active in their accumulation, which has led to most of the gains occurring in the last 10 days. There was a 255% increase in the value of FTT tokens relative to Bitcoin throughout this time.

According to Santiment, $FTT investors have been enjoying sustained gains as FTX’s native token experiences a second jump in value in response to recent events at Binance. The ten largest wallets amassed $12.8 million worth of coins in a few 19 days, suggesting that the token’s value has been enhanced.

Impact of Binance or Reopening of FTX 2.0?

The cryptocurrency market has seen increased activity due to FTX’s current strategy of selling assets and shifting large sums of money across other exchanges. Alameda Research, a subsidiary of FTX, and the company itself carried out an extraordinary transfer of assets worth $474 million.

This move is part of a larger plan to deal with the exchange’s financial obligations and maybe pave the way for a new phase called “FTX 2.0.” It is worth mentioning that this development is taking place along with Binance’s $4.3 billion settlement with the US Department of Justice.

Considering its very limited utility, the current growth in FTT is truly astounding. Despite the token’s association with FTX’s insolvency problems in the past, this surge suggests significant institutional interest. A strong rebound from last year’s slump and increasing investor faith in the possible rollout of a revised trading platform were both reflected in FTT’s recent month-end year-to-date high of $4.3.

On the other hand, Binance’s BNB token fell, falling 13% to $235. A startling $1 billion in net outflows occurred in a single day on the cryptocurrency market. Similar to, but not similar to, the problems that FTX had in November of last year, which ultimately caused its collapse, Binance is currently facing a number of hurdles. Institutional and individual investors alike are showing interest in FTT due to the favorable outlook it has put on the market as a result of Binance’s future uncertainties and FTX’s more defined direction.

The price of one FTT token has soared above a critical resistance level of $4.408 as of this writing. Assuming it maintains its current level of support, it has the potential to surge to $4.9, the next significant obstacle, and beyond.