Despite FTX’s collapse last month, the trading platform’s crypto token FTT had managed to not plummet all the way down to zero, and surprisingly it hovered below the $2 per unit region after Nov. 12, 2022. For 38 days FTT remained above the $1 per unit area up until Dec. 19, as the token suddenly crashed below the $1 region during the mid-afternoon trading sessions, slipping to a low of $0.89 per FTT at 2:30 p.m. (ET).
Bankrupt FTX’s Exchange Token FTT Drops Below the $1 Price Range
Ftx token (FTT), the crypto exchange ERC20 coin tied to the now-defunct exchange, FTX, broke below the $1 support line on Monday, Dec. 19, 2022. Interestingly, unlike the Terra collapse and the native token LUNA dive bombing to zero, FTT fell from $25.78 per coin on Nov. 5, 2022, to roughly $1.59 per unit on Nov. 14, three days after FTX filed for bankruptcy protection.
FTT crashed below the $1 range on Monday, Dec. 19, 2022, and FTT has remained below that price since the support broke.
FTT tapped $1.92 per coin the following day on Nov. 15, and it would not see that price height again after that point. For 38 consecutive days since Nov. 12, FTT has been below $2 and above the $1 range, and it tapped a high of $1.88 per coin on Dec. 9. 11 days later, FTT markets are struggling and for the first time since the token was launched, it reached its all-time low Dec. 19.
The exchange token sunk to $0.894 per unit at around 2:30 p.m. (ET) on Monday afternoon. On Tuesday, at the time of writing, FTT is down 8.6% against the U.S. dollar. While FTT’s price remains below $1, a myriad of crypto assets on Tuesday have seen gains and FTT has not. FTT’s market cap rank is not applicable because the project’s contract deployer unlocked the locked FTT tokens into circulation last month.
Coin market cap aggregation sites like coingecko.com do not rank the crypto asset’s cap among the thousands of other crypto assets listed. It is assumed there’s a total supply of 328,895,112 FTT tokens in…
