The FTX token (FTT) continues to grapple with challenges stemming from the tumultuous events of 2022, compounded by the impending trial of its founder, Sam Bankman-Fried (SBF), scheduled for March.
Reports indicate that the exchange is navigating asset liquidation processes to settle outstanding debts with creditors.
The prospect of reopening the exchange remains uncertain, with negotiations focusing on liquidation and reaching agreements with affected clients.
$FTT's price has dropped 🔻 by 35% in the past few hours. Who is selling?
➡️ FTX and Alameda still hold 76% of the total supply, with no selling in the past 2 months, even though the $FTT price reached $5.5 at some points.
➡️ There haven't been many significant on-chain token… https://t.co/xbZniFs9Yx pic.twitter.com/KynXGLyggb
— Spot On Chain (@spotonchain) February 1, 2024
FTT Price Action To Monitor
FTT’s price has experienced a notable decline of 35% in recent hours, accompanied by a remarkable surge of over 1000% in its 24-hour trading volume.
Despite occasional price fluctuations approaching $5.5, FTX and Alameda still retain ownership of 76% of the total token supply, with no reported sales in the past two months.
Internal exchange transactions have dominated activity in the past few hours, with minimal on-chain token movements capturing attention. The involvement of whales in the market is underscored by the limited circulating supply and the announcement confirming that the defunct crypto exchange will not be reinstated.
The uncertain landscape surrounding FTT reflects the broader challenges facing the cryptocurrency market and highlights the impact of legal proceedings on investor sentiment and market dynamics.
As stakeholders await developments in the legal proceedings and negotiations, the future trajectory of FTT remains uncertain amidst ongoing legal and financial uncertainties.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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