FTX's FTT Token Soars 20% Following CZ's Departure from Binance

• FTX Native Token, FTT, Experiences Impressive Surge
• FTT Spike Following Binance CEO Resignation
• FTX's Native Token Rallies Again
• Reasons Behind FTT's Rally
• Future of FTT

FTX Native Token, FTT, Experiences Impressive Surge

FTX$3.28 -5.38%'s native token, FTT, has recorded a remarkable increase of over 21% on daily charts and escalated by over 155% in the past two weeks. Furthermore, the token's value has magnified by more than 300% in the preceding month.

FTT Spike Following Binance CEO Resignation

The recent FTT spike occurs in the wake of Binance CEO, Changpang Zhao (CZ), pleading guilty to charges and relinquishing his position as the head of the company.

FTX's Native Token Rallies Again

As per the cryptocurrency analysis firm, Santiment, FTX's native token has embarked on its second rally subsequent to CZ's exit. Santiment emphasizes that the rise in the price of FTT has been propelled by the ten largest wallets, which have accumulated tokens worth $12.8 million within a span of 19 days.

Reasons Behind FTT's Rally

The recent price spike of FTT is noteworthy, particularly considering the limited utility of the token. It's speculated that the uncertainty surrounding Binance, the largest cryptocurrency exchange globally, might have catalyzed investors to become bullish on FTT. A year ago, Binance announced liquidation of its FTT holdings to mitigate risks associated with FTX. This decision shone light on the internal workings of FTX and its sister company, Alameda Research. This revelation triggered a domino effect across the crypto space, culminating in the collapse of FTX.

Interestingly, a year later the Binance CEO pleaded guilty to charges from US authorities, resulting in a surge in FTT's price.

Future of FTT

The sustainability of the FTT rally remains uncertain, especially in light of the guilty verdict for the now-defunct exchange's CEO, Sam Bankman-Fried. It seems unlikely that the recent surge will persist for an extended period. However, there have been indications from former executives about their intentions to launch a new crypto exchange in the future, which may stimulate positive sentiment towards FTT.

Edited by Jonathan Stoker