The prices of cryptocurrencies have been in the green since earlier this year. Apart from many of them simply rising, a few of them are skyrocketing. The native token, FTT, of the now-bankrupt FTX exchange is currently skyrocketing. The token soared by nearly 60%. Since the collapse of the exchange the previous year, FTT is currently trading at its highest price. It is necessary to keep in mind that FTT traded at the $25 mark prior to the collapse, with the token being pushed down to $1 later on.
Initially, it seemed that FTT was done for good, but the recent scenario displays a different case. The previous few days have certainly raised a number of eyebrows as a revival now seems like a reality. At the time of writing, FTT is currently trading for $2.59. Since the last 24 hours, the token has regained value by almost 3.61%. Similarly, when the increase over the past week is kept in mind, a whopping surge of 184.28% can be observed. It is clearly noticeable that FTT has taken maximum advantage of the mini bull run. As of today, the token is still printing bullish trends.
However, the recent surge in value doesn’t bring the token slightly close to its all-time high of $84.18. This feat was achieved during the prime days of the FTX during the crypto market bull cycle in 2021. Apart from that, FTT isn’t the only token that is pumping considerably. Some other altcoins to regain value include BNB, SOL, FTM, and many more.
Does the surge in the value of FTT Hint at a Possible Revival?
The surge in the value of FTT can only be linked to the market conditions at the moment. As of now, there has been no news regarding SBF and FTX. The chances of a revival are slim, but manipulation by traders is probably the main reason for the surge in value. This can simply be classified as another pump-and-dump scheme. It is widely believed that the token would drop to new lows after the traders are done with their schemes.
On 15th January this year, it was reported that SBF expressed a sense of being uncomfortable when his command was challenged. Furthermore, it was also mentioned that he was uncomfortable with conflict. Such problems might lead to suffering from addiction and coping with mental health problems as well.