Crypto
- FTT token has skyrocketed a significant 28% in the past 24 hours.
- The upcoming FTT token distribution could be a reason for the surge.
- Pudgy Penguin has reserved a small supply of its token for FTT holders.
FTT, the native token of the bankrupt digital asset trading platform FTX, jumped a massive 28% in the past 24 hours to $3.51, its highest price since January 2024. The crypto sector speculates that the upcoming token distribution as part of the exchange’s bankruptcy procedure is a major reason for the digital asset’s rise.
According to the data from CoinMarketCap, FTT has a market cap of $1.15 billion, putting it back on the list of top 100 digital assets by market capitalization. It currently ranks 109th on the website. In the past 30 days, the altcoin rose 109.13%, and it is up 54.50% in the last week alone.
Earlier this year, a court approved the FTX estate’s bankruptcy plan, allowing the exchange to repay a massive $16.5 billion to creditors of the defunct digital asset trading platform. US Bankruptcy Judge John Dorsey approved the plan, praising the management for dealing with the “very complex Chapter 11 bankruptcy proceeding.”
The upcoming launch of PENGU, the official token of the Pudgy Penguin non-fungible token (NFT) project, is another reason for the surge in FTT token’s price. A small portion of the airdrop supply is reserved for FTT holders, which has pushed the price of the altcoin to new highs.
Read also: FTX’s FTT Token Defies Logic, Trading at $2 Despite Bankruptcy
FTT Price Analysis
The daily chart provided by TradingView below confirms that FTT has followed an uptrend in the past few weeks, with the broader market also turning bullish. Additionally, the altcoin’s volume has steadily increased, indicating increased investor interest.
The Relative Strength Index (RSI) shows a value of 81.69, which means that the FTT token is overbought and may see a correction. However, considering the gradient of the line, it is likely that the altcoin will continue to print higher highs if the broader market remains stable and bullish.
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