Although the FTX crypto exchange crisis has had a significant impact on the market as a whole, the native token of the trading platform is currently experiencing a brief rally with no clear catalyst.
The gains for the token come as various participants in the cryptocurrency industry questioned a change in the FTT tokenomics.
According to CoinMarketCap data, the FTT’s market capitalization reached $588.57 million after adding about $109.26 million in just 24 hours due to sustained buying pressure on the token.
At the time of publication, the FTT token was up about 25% over the previous day and was trading at $1.80. FTT has become the cryptocurrency that is trending the most in this space.
Notably, despite the gains, the FTT token at one point fell by more than 80% as the severity of the FTX crisis came to light.