The FTX token, FTT, has experienced a remarkable surge within the last 24 hours, defying the market’s recent downturn amid legal issues faced by the leading exchange, Binance.
In this period, FTT surged by 18%, reaching $3.63 at present. Notably, its market capitalization has hit $1.19 billion, securing its position as the 35th largest cryptocurrency. The trading volume for FTT soared by an astonishing 318%, surpassing $250 million, marking a substantial increase.
According to insights from a crypto.news report, the optimism surrounding FTX’s resurgence appears to be a key driver for FTT’s bullish upswing.
The ongoing legal issues with Binance, facing three criminal charges and negotiating a $4.3 billion settlement with the U.S. Department of Justice, have prompted some investors to switch from BNB to FTT. This movement coincides with a noticeable decline in market capitalization for numerous altcoins.
Data provided by Santiment reveals a staggering 190% surge in FTT’s social activity in the last 24 hours, concurrent with growing fear, uncertainty, and doubt (FUD) circulating around BNB in the crypto community.
In addition, whale transactions involving FTT, valued at a minimum of $100,000, have surged by 300% within the past day. This surge indicates a substantial increase, rising from just four trades on November 21 to 16 unique transactions at the current time.
Moreover, the price-daily active addresses (DAA) divergence showcases a buy signal for the FTX token. Presently, the FTT’s price DAA divergence stands at 182%, signaling a robust indicator for asset accumulation, as revealed by the market intelligence platform.
