The embattled FTT token has surged today as traders continue to pile into the collapsed exchange asset in an attempt to make a quick buck.
Crypto markets are still in the green this Monday morning. However, some token prices are skyrocketing.
The native token for the bankrupt FTX exchange, FTT, is pumping at the moment. From an intraday low of $1.64, FTT surged to a high of $2.50 during the morning hours of Jan. 16.
The move added 52% to the token’s price in 18 hours. FTT is now trading at its highest level since the FTX collapse in early November.
At the time of press, it was back to changing hands for $2.34.
An FTT Revival?
There appears to be little reason for the FTT pump aside from degen FOMO (fear of missing out).
Even after a gain of 157% over the past week, FTT is still down 97% from its all-time high. During the heydays of FTX and the crypto bull market, the token surged to $84 in September 2021.
Following the exchange’s epic implosion, FTT slumped below $1 and remained there until Jan. 10, when it started to move again.
Furthermore, there has been no new news regarding FTX or Sam Bankman-Fried this morning to induce the pump.
On Jan. 15, BeInCrypto reported that former FTX.US president Brett Harrison said SBF was uncomfortable with his command being challenged. He added that SBF was “uncomfortable with conflict” and could suffer from “addiction and mental health problems.”
Late last week, a bankruptcy judge approved the sale of FTX subsidiaries LedgerX, Embed, FTX Europe, and FTX Japan.
Therefore, FTT could fall back as fast as it climbed if this is just another degen pump and dump.
Other Altcoin Pumps
FTT is not the only altcoin on fire at the moment, as a few others are also surging.
Frax Share (FXS) is up a whopping 40% on the day, making it the top performer in the crypto top 100 by market cap.
Decentraland’s MANA token has also made a solid move gaining 23.5% over the past 24 hours. Other altcoins with double-digit gains today include Zilliqa (ZIL) and Curve DAO (CRV).
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.