In the middle of the bull run, mini or not, literally anything can be pumped in the crypto market, even tokens such as FTT Token FTX. After the exchange’s tragic fall, everything about the exchange fell apart, including its reputation. However, after a while, it seems that part of the exchange is trying to stage a revival.
Over the past several months following the stock market’s bankruptcy, FTT has fallen from a market price of $25 to a low of around $1. Although it seems that there is no hope for these tokens, some may still be useful because, in the past few days, traders have been seen piling up the collapsed exchange crypto in an attempt to make a quick profit.
FTT Token Rises Over 40% In 24 Hours
In the midst of a refreshing green market, FTT has taken advantage of the “mini bull run” and has performed more than 50% in the last 7 days. At the moment, the FTT token is still printing a bullish trend. From an intraday low of $1.64, FTT has skyrocketed to an all-time high on the morning of January 16.
The sudden surge increased more than 150% in value in the last 7 days. FTT is currently trading at the highest level ever seen since the fall of FTX in early November.
At the time of writing, the FTT token is still pumping, with a 24-hour high of $2.62 and a current trading price of $2.33.
A Revival Happening?
Given the state of the FTT token before the pump and the sudden increase, the probability seems less than a revival but manipulation by traders want to make some extra money. While doing some research, there doesn’t seem to be any significant news or reasoning behind token pumping other than the theory behind the pump and dump scheme.
Regardless of the pump, FTT is still below the highest peak of $84.18 reached during the good days of the exchange and in the middle of the bull cycle of the crypto market in 2021. Overall, in the past month, FTT has fallen over 50% and even traded below $1 after the FTX crash.
Furthermore, there has been no recent news about Sam Bankman-Fried and the collapsing exchange, FTX, that could entice the pump. So, the theory remains that FTT’s sudden surge is a pump-and-dump scheme that will eventually make the token bottom out after the traders who started the scheme have finished.
Meanwhile, FTT is no longer just token pumping; Other altcoins such as Binance coin (BNB), Fantom (FTM), and Solana (SOL) have also seen the green in the past few days. BNB is up 2.1% in the last 24 hours, FTM is up 3.2%, and SOL is up 8% over the same period.
Featured images from Unsplash, charts from TradingView.com