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Despite 2 Entities Holding 73% of the FTX Token Supply, FTT Price Still Holds Above $1 per Unit – Markets and Prices Bitcoin News

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Whereas a big fraction of crypto belongings dropped an ideal deal in worth throughout the previous few weeks and bitcoin is down 18.2% in 30 days, the trade coin ftx token (FTT) nonetheless trades above a U.S. greenback per unit. Furthermore, the unknown entity often known as the ‘FTX Accounts Drainer,’ nonetheless holds the second largest FTT pockets with 45.85 million tokens price $61.44 million.

FTT Stays Above $1 per Unit Throughout the Previous 2 Weeks Because the FTX Collapse

It’s been over two weeks since FTX filed for Chapter 11 chapter safety and on that day, FTT was nonetheless buying and selling for $3.46 per unit. 16 days later, FTT’s worth has consolidated and throughout the previous 24 hours, FTT’s been buying and selling for costs between $1.33 and $1.39 per unit.

In truth, FTT has remained above a single U.S. greenback since Nov. 12, 2022, and it nonetheless has not breached the low it noticed in September 2019, again when FTT traded for $1.15 per unit. On Sunday, Nov. 27, the trade token backed by a bankrupt enterprise has round $5.26 million in international commerce quantity. This week, FTT tapped a excessive of $1.53 per unit and a seven-day low of round $1.23 per FTT.

Despite 2 Entities Holding 73% of the FTX Token Supply, FTT Price Still Holds Above $1 per Unit
FTT has remained above $1 per unit throughout the previous two weeks. FTT/USD by way of Bitfinex on Nov. 27, 2022.

Because the inception of FTT, the ERC20 token has seen 411,970 transfers in keeping with the blockchain explorer etherscan.io. On Nov. 27, roughly 24,874 wallets maintain the FTT token however the largest pockets holds 195,869,338 FTT or 59.55% of the complete provide.

The second-largest FTT proprietor is similar particular person because the ‘FTX Accounts Drainer’ hacker and it holds 45.85 million FTT tokens price $61.44 million utilizing immediately’s trade charges. The Bitdao holds 3,362,316 FTT and Wormhole holds roughly 2,818,904 FTT on the time of writing.

Between the most important and second-largest FTT addresses, greater than 73% of all of the FTT tokens are held by two entities. Over the last seven days, there was roughly $7.69 million price of FTT transactions higher than $100K. Previous to the FTX collapse and chapter submitting, Alameda Analysis held one of many largest caches of FTT. The previous Alameda CEO Caroline Ellison has reportedly left Hong Kong to flee to Dubai.

Tags on this story
90% Down, Altcoins, Bankruptcy Backed Tokens, coingecko.com, Coinmarketcap.com, crypto traders, FTT, FTT Analysis, FTT Markets, FTT Prices, FTT sell-off, FTT Token, FTT trading, FTX Bankruptcy, FTX bankruptcy filing, FTX collapse, FTX fallout, Markets, Prices

What do you concentrate on the market efficiency of FTT token over the past two weeks? Tell us what you concentrate on this topic within the feedback part beneath.

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist dwelling in Florida. Redman has been an energetic member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 6,000 articles for Bitcoin.com Information in regards to the disruptive protocols rising immediately.




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