In November of last year, the FTT token lost 95% of its value while rumors of FTX insolvency proved true. As a result, the brokerage founded by Sam Bankman-Fried filed for bankruptcy. Already compared to January 1, FTT has already appreciated by 222%, leaving almost all other cryptocurrencies behind. As a comparison, Bitcoin is up “only” 25% over the same period. However, no one really seems to know how to explain the reasons for the rise of the FTT token. After all, its value was entirely linked to the bankrupt FTX, whose founder is locked in his parents’ house after paying a bail of US$ 1.2 billion.
What is Crypto Twitter saying about the FTT surge?
To understand the ups and downs of cryptocurrencies, nothing better than listening to what investors are saying about the market. Therefore, Livecoins turned to Twitter to look for explanations about the unexpected appreciation of FTT. In short, the market is split in two. On the one hand, the more rational question how the FTX token has not yet reached zero. On the other hand, degenerates claim that this is a good investment for the “risk/return”.
“Nowhere else in the world will you find shares of companies that committed fraud and went bankrupt [mais de] 100%”complains one of them. “Meanwhile, FTT has not yet been excluded from Binance and [valorizou] 3x of your [preço] Minimum. And you wonder why the regulators hate us?”
Not a single other place in the world will you find stocks of businesses that committed fraud and went bankrupt pump several hundred %. meanwhile $FTT still not delisted from Binance and x3 from the lows. and you wonder why regulators hate us? — Mac 🐺 (@MacnBTC) January 16, 2023
“This is just stupid”comments another, noting a rise of 60% in a single day. “Anyone dumb enough to buy FTT deserves to be evicted, as they DEFINITELY will be.”
This is just dumb. Anyone dumb enough to buy into $FTT deserves to get dumped on, like they DEFINITELY will. pic.twitter.com/cPwxj5sYPP
— wolf (@ImNotTheWolf) January 16, 2023
Showing all his love for shitcoins, a third investor compares FTT to LUNA — another major scam not yet digested by the industry — in disbelief that the FTX token is worth almost three times as much as the other cryptocurrency.
“I have absolutely no explanation as to why FTT is outperforming LUNA, how does FTT have a market cap of $750 million and LUNA has a market cap of $265 million?”
I have absolutely zero explanation as to why $FTT is outperforming $LUNAhow $FTT has a $750 mill market cap and $LUNA has a $265 mill market cap? $LUNA has Station (mobile version coming), Alliance module and feather module being delivered soon. $FTT has? Just baffling 🤷 pic.twitter.com/RrJJO34oSk
— Crypto Enthusiast (@LUNC_S6) January 16, 2023
Well, the real question is how these two projects still have any value. We keep looking.
Can FTX come back and save FTT?
This week, Sam Bankman-Fried claimed that FTX US (a US-only brokerage) was solvent when it was handed over to its new CEO, John J. Ray III. Therefore, there is a slim chance that any of the hundreds of companies in the SBF empire will survive. One of them might be FTX Japan. After all, Monex has already shown interest in buying the Japanese brokerage affected by the bankruptcy of FTX international. In addition, another 117 parties have already shown interest in buying other FTX units, such as LedgerX and FTX Europe. Now, even if some of them are revived, it’s hard to imagine them continuing to use the FTT token in any way. Finally, the last delirium would be the return of FTX, that is, the only reason for an increase in the FTT. Not only was it unlikely to come back, but no one would ever use it again. Therefore, the recent FTT rally looks like nothing more than a last chance for those who have yet to sell the bankrupt FTX token.
