Exchange token FTT surges 200% in two weeks, defying bankruptcy and Bankman- Fried's fraud conviction woes

Cryptoasset FTT was originally developed by now-convicted Sam Bankman-Fried and bankrupt FTX, but it has overcome the odds. Despite Bankman-Fried's conviction and FTX's ongoing Chapter 11 bankruptcy proceedings, FTT's market performance has risen significantly, making significant gains over the past two weeks.

Despite falling 6.3% over the past week, FTT has gained significantly 200.2% against the USD over the past 14 days. Currently, FTT's 24-hour global trading volume is US$230.85 million, ranking 21st in average daily spot trading volume. The top trading pairs for FTT as of Sunday, November 19, 2023 include USDT, USD, ETH, USDD, and USDC.

A large portion of FTT supply is in the hands of FTX assets and centralized exchanges. While there are 29,221 FTT holders, the top 100 holders control a staggering 98.83% of the total supply. This may confuse many people as to why coins developed by convicted fraudsters and bankrupt exchanges are performing so well. The answer lies in the widespread belief that FTX can be revived under new management.

Many have speculated that a potential FTX 2.0 would reintroduce FTT, giving it new utility or broader possibilities. Investors are betting on acquiring FTT at the lowest price, betting that they will win if FTX 2.0 includes the exchange token.

However, this is speculative as the future of FTT remains very uncertain and the new FTX team may choose not to use the token for various reasons. Despite these uncertainties and risks, speculative theories continue to drive momentum for FTT, driving up its value based on potential long-term outcomes.

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