FTT, the native token of the now-defunct crypto exchange FTX, has seen a significant price increase, rising more than 22% in the last 24 hours.
The extraordinary growth, particularly in the last 10 days, corresponds with significant accumulation by the top ten whale wallets.
According to Santiment data, FTT holders are profiting from recent FTX developments, particularly in light of the ongoing Binance saga.
The top ten wallets have collectively acquired an impressive $12.8 million in FTT in just 19 days, indicating strong market optimism among influential players.
This increase in the price of FTT is attributed to FTX’s strategic actions, which include asset liquidation and significant fund transfers between exchanges.
The exchange and its subsidiary, Alameda Research, have successfully transferred $474 million in assets. This move is part of a larger effort to manage the exchange’s finances and lay the groundwork for the upcoming “FTX 2.0.”
Despite the token’s historical association with the exchange’s financial difficulties, the significant price increase indicates a strong interest from institutions in acquiring FTT tokens.
FTT reached a new yearly high of $5.2 earlier this month, reflecting a resurgence in investor confidence and optimism about the exchange’s future prospects.