FTT Token (FTT) has experienced a significant surge in the past 24 hours, with a 35.6% increase in value, reaching $2.16. This surge has propelled the asset’s market cap to $710 million, making it the 108th-largest cryptocurrency. Notably, the FTT Token price hit a six-week high of $2.27, marking a notable milestone last seen in mid-March.

According to data from Santiment, the FTT Relative Strength Index (RSI) has increased from 57 to 62 in the past day. This rise indicates that the token is currently overbought, leading to expectations of high price volatility in the near future.

An RSI below 50 could potentially signal a gradual price increase for FTT. It is important to mention that FTX Token currently does not have any utility but can still be used to pay off creditors.

Recent reports indicate that the FTX exchange has more funds than required to compensate for the losses incurred by over two million customers in November 2022.

With 95 active addresses in the past 24 hours, FTT has seen a notable increase from 61 daily active addresses over the previous days. However, there is a possibility of whale activity and market manipulation.

Furthermore, the daily exchange inflow for FTT has surged by 75% in the last 24 hours, reaching 302,950 tokens. This sudden increase in exchange inflow may attract investors and traders looking to capitalize on short-term profits.

Currently, 230 million out of the 328.8 million circulating supply of FTT are in profit, according to data from Santiment.

SEC Chair Gary Gensler has emphasized the need for crypto operators to provide adequate disclosures to investors, highlighting the importance of transparency in the cryptocurrency market.

Post Views: 6