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- FTT token has skyrocketed a big 28% previously 24 hours.
- The upcoming FTT token distribution might be a purpose for the surge.
- Pudgy Penguin has reserved a small provide of its token for FTT holders.
FTT, the native token of the bankrupt digital asset buying and selling platform FTX, jumped a large 28% previously 24 hours to $3.51, its highest worth since January 2024. The crypto sector speculates that the upcoming token distribution as a part of the alternate’s chapter process is a significant purpose for the digital asset’s rise.
In response to the information from CoinMarketCap, FTT has a market cap of $1.15 billion, placing it again on the checklist of prime 100 digital property by market capitalization. It presently ranks 109th on the web site. Up to now 30 days, the altcoin rose 109.13%, and it’s up 54.50% within the final week alone.
Earlier this 12 months, a courtroom accredited the FTX property’s chapter plan, permitting the alternate to repay a large $16.5 billion to collectors of the defunct digital asset buying and selling platform. US Chapter Decide John Dorsey accredited the plan, praising the administration for coping with the “very complicated Chapter 11 chapter continuing.”
The upcoming launch of PENGU, the official token of the Pudgy Penguin non-fungible token (NFT) challenge, is one more reason for the surge in FTT token’s worth. A small portion of the airdrop provide is reserved for FTT holders, which has pushed the worth of the altcoin to new highs.
Learn additionally: FTX’s FTT Token Defies Logic, Buying and selling at $2 Regardless of Chapter
FTT Worth Evaluation
The day by day chart offered by TradingView beneath confirms that FTT has adopted an uptrend previously few weeks, with the broader market additionally turning bullish. Moreover, the altcoin’s quantity has steadily elevated, indicating elevated investor curiosity.
The Relative Energy Index (RSI) reveals a price of 81.69, which signifies that the FTT token is overbought and may even see a correction. Nonetheless, contemplating the gradient of the road, it’s probably that the altcoin will proceed to print greater highs if the broader market stays secure and bullish.
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