Who Is Buying and selling FTT? Kaiko Says Token Peaked Over $400M Commerce in 2023

• Cryptocurrency market information platform Kaiko raised alarm over FTT’s excessive commerce quantity in 2023.
• The token related to FTX crashed after the crypto change declared chapter.
• CoinMarketCap information exhibits that 91% of the token is held by Whales.

Cryptocurrency market information platform Kaiko at the moment raised suspicions round FTT, the native cryptocurrency token of troubled crypto buying and selling platform FTX. Within the tweet on X – previously Twitter, the platform famous that regardless of the FTX collapse, FTT continued to document excessive buying and selling quantity.

Kaiko famous that the weekly quantity of the token has, at instances, climbed above $400 million. The reported information is shocking, contemplating that the token’s use was tied to the crypto change that has now ceased operations. Kaiko added that “the token has no use case and can possible by no means once more”.

Per the information shared by Kaiko, the buying and selling quantity of FTT peaked in April at a time when regulators have been nonetheless initiating fees towards founder Sam Bankman-Fried. Nevertheless, the token’s quantity declined in the identical month earlier than rising to over $400M million once more in July.

Initially designed as a reward for merchants on FTX, FTT’s use grew past that to a local token providing extra utility on the platform. On the peak of the 2021 crypto market bull run, the token traded for as excessive as $80 apiece. Equally, earlier than FTX declared chapter, it was hovering round $25 per token.

Information from CoinMarketCap present that many of the token’s present possession is concentrated amongst Whale holders, with 91.29% of the token held by whales. Nowadays, the token is exchanging arms at $1.03.

The information from CoinMarketCap additionally corroborates Kaiko’s claims because it exhibits that the token continues to see average commerce volumes. Previously 24 hours, the token registered a quantity of $7,147,945, though a drop from 39.52%. As well as, FTT has a market cap of $388 million, making it the 213th-ranked cryptocurrency community.

The Sam Bankman-Fried trial wages on as prosecutors current key witnesses earlier than the court docket. To date, Gary Wang and Caroline Elisson, former associates of Bankman-Fried, have given testimonies towards the founder in court docket. Bankman-Fried continues to plead not responsible.