Whale Frenzy Boosts FTX Token to $4.73 Amid Market Surge

FTT surged 11.25% to $4.73, attracting whales and breaking its bearish trend.
Top holders have amassed millions of FTT since November 3, aiding its growth post-bankruptcy.
FTT stabilizes post-Binance saga, recovering from CZ Zhao’s impact.

FTX Token (FTT) experienced a remarkable surge, climbing by 11.25% to hit $4.73, marking a pivotal shift from its recent bearish trajectory. This surge, underpinned by a growing frenzy among significant investors, reflects a promising upward trend for the token.

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Since November 3, key holders have steadily accumulated millions of FTT tokens, a strategic move that has notably contributed to its current market ascent. These top holders, who retained their faith in FTT during its post-bankruptcy struggle, are now reaping the rewards as the token showcases an impressive performance.

The past year witnessed a major setback for FTT following FTX’s bankruptcy declaration, leading to a bleak outlook and a rush among holders to offload their assets. However, those who remained steadfast in their FTT investments are witnessing a noteworthy resurgence, fueled in part by strategic accumulation efforts by major holders.

Amidst these accumulations, FTT encountered stabilization after the Binance saga, which initially impacted its trajectory. The announcement by Binance’s former CEO, Changpeng ‘CZ’ Zhao, about liquidating the firm’s FTT holdings triggered a bank run that affected FTT, albeit temporarily. Despite the subsequent retraction of this decision, the effects lingered, impacting FTT’s performance at the time.

Now, with the recent bullish momentum and accumulating interest from significant holders, FTT is demonstrating resilience, bouncing back from the shadows of past setbacks and showcasing a healthy growth trajectory. This surge in value to $4.73 represents not just a numerical increase but a symbolic resurgence of confidence in the FTT ecosystem.

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Bhea Lacsamana

Bhea is a fintech journalist specializing in crypto, with a unique blend of roles as a content creator, anthropologist, and qualitative researcher. Her articles dive into both financial technology and cultural traditions, reflecting her diverse interests. Catch her immersed in a book where her love for learning thrives.