FTT has seen an astonishing rally, rising 176% over the past seven days to $3.27 regardless of being the native token of the now-bankrupt crypto change FTX.
This surge comes amid renewed hypothesis that FTX may make a comeback underneath new management. YouTube crypto analyst Aaron Barrett pointed out Gary Gensler’s stance on the matter. The SEC chair said throughout an interview that FTX US might have a future if it might entice well-capitalized homeowners. His feedback sparked a renewed shopping for frenzy.
In keeping with Bennett, three potential bidders wish to purchase FTX: former NYSE President Tom Farley’s Bullish change, fintech startup Determine Applied sciences, and enterprise capital agency Proof Group.
The potential of FTX relaunching with new homeowners has revived hope that FTT might retain worth in a rebranded change. Nonetheless, some consultants warn {that a} relaunched FTX is unlikely to make use of FTT, given its affiliation with the spectacular collapse.
Nonetheless, merchants appear to be betting on FTT whether it is returned in some capability. SEC Chair Gensler’s remarks are “ironic,” notes Bennett, as merely the suggestion of reviving FTX prompted a 4X worth surge. In actuality, FTT presently has no utility, as FTX is shut down.
For now, the feverish rally continues. Nonetheless, analysts warning that FTT stays a extremely dangerous wager, given regulatory uncertainty and the early levels of FTX’s chapter proceedings. The token’s long-term viability remains to be very a lot in query.