The price surge of the FTX Token (FTT) on September 29, 2024, is primarily driven by several significant developments. One major factor is the anticipation of FTX 2.0, the planned relaunch of the FTX exchange, which has been generating market excitement. The token’s price has seen significant growth as institutional investors, including large crypto wallets, accumulate FTT tokens. On-chain data shows that the top 10 largest wallets have acquired around $12.8 million in FTT over the last few weeks, adding to the bullish momentum.
Additionally, FTT's recent rally is linked to broader industry developments, including Binance's recent settlement with the U.S. Department of Justice for $4.3 billion, which has impacted the entire crypto market. While Binance’s native token, BNB, saw a sharp decline following this news, FTT experienced the opposite, spiking by over 28% in value in just 48 hours. This contrast between Binance's challenges and FTX's revival efforts has led to increased speculation that FTX’s resurgence may lead to further market gains for FTT.
Finally, the surge also coincides with FTX’s ongoing liquidation efforts and significant asset transfers across various exchanges, a strategy aimed at managing its remaining financial obligations. This series of moves by the exchange and its affiliate, Alameda Research, signals to investors that the company is on the path to recovery, boosting market confidence in FTT.
