Regardless of 2 Entities Holding 73% of the FTX Token Provide, FTT Worth Nonetheless Holds Above $1 per Unit


27 November 2022 19:20, UTC


Studying time: ~2 m

Whereas a big fraction of crypto property dropped a fantastic deal in worth through the previous few weeks and bitcoin is down 18.2% in 30 days, the change 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 Through 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 through the previous 24 hours, FTT’s been buying and selling for costs between $1.33 and $1.39 per unit.

Actually, 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 change 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.

FTT has remained above $1 per unit through 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 based on the blockchain explorer On Nov. 27, roughly 24,874 wallets maintain the FTT token however the largest pockets holds 195,869,338 FTT or 59.55% of your complete provide.

The second-largest FTT proprietor is identical individual because the ‘FTX Accounts Drainer’ hacker and it holds 45.85 million FTT tokens price $61.44 million utilizing right this moment’s change charges. The Bitdao holds 3,362,316 FTT and Wormhole holds roughly 2,818,904 FTT on the time of writing.

Between the biggest and second-largest FTT addresses, greater than 73% of all of the FTT tokens are held by two entities. Over the past seven days, there was roughly $7.69 million price of FTT transactions larger 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.

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