The embattled FTT token is up 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, the prices of some coins are skyrocketing.
The native token for the bankrupt FTX exchange, FTT, is on the rise at the moment. From a low of $1.64 in the morning of January 16, FTT rose to a high of $2.50.
This move resulted in a 52% increase in the price of the token in 18 hours. FTT is now trading at its highest level since the fall of FTX in early November.
At press time, it was back to changing hands for $2.34.
An FTT revival?
There seems to be little reason for Degen to pump FTT other than FOMO (fear of missing out).
Even after gaining 157% in the past week, FTT is still down 97% from its all-time high. During the heyday of FTX and the crypto bull market, the coin surged to $84 in September 2021.
After the exchange’s big bang, FTT fell below $1 and remained so until January 10, when it started moving again.
Besides, there’s no new news this morning about FTX or Sam Bankman-Fried to motivate the pump.
On January 15, BeInCrypto reported that Brett Harrison, former president of FTX.US, said that the SBF was uncomfortable with his order being challenged. He added that the SBF was “uncomfortable with conflict” and may be suffering 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 can fall back just as fast as it climbs if it’s just another degen pump and dump.
Other Altcoin Pump
The FTT is not the only one on fire at the moment, as a few others are on the rise as well.
Frax Share (FXS) soared by 40% on the day, making it the top performer in the Crypto Top 100 by market cap.
Decentraland’s MANA token has also gained 23.5% in the last 24 hours. Other altcoins with double-digit gains today include Zilliqa (ZIL) and Curve DAO (CRV).
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