FTT Token On a 8% Rockslide Despite FTX Ray Of Hope. Here’s Why

FTT Token, the native coin of the failed crypto exchange FTX, is experiencing a slide in today’s trading session. While it started the trading day negatively, it showed no recovery and further declined in price, recording up to an 8% loss and finding a spot in the top 3 losers in the sector.

FTT Token’s On-Chain Activity Skyrockets Amid FTX Revival Rumors

The on-chain activity of FTX Token (FTT) has surged after rumors of the collapsed crypto trading platform FTX's possible return upon its attorney's statements that it had recovered more than $7.3 billion in cash and liquid crypto assets. According to crypto market intelligence platform Santiment, FTT has seen 879 new addresses created over the previous two days, which is the largest amount since the collapse of FTX in November 2022, as well as a significant increase in trading volumes and a price hike on April 13. However, its trading volume and price have since declined, with FTT changing hands at the price of $2.02, down 14.06% on the day, and a drop in trading volume from 460 million FTT to the current 136 million FTT. Nonetheless, FTT's previous rally still managed to push its price to rise by 58.37% in the last seven days and 130% since the year's turn.

FTX's Token FTT Sees Pump and Dump Amid Bankruptcy Proceedings

FTX’s token FTT experienced a pump and dump after the exchange’s attorney suggested in court that the bankrupt exchange could potentially be reopened.

FTX Finds $7.3 Billion in Liquid Assets; Lawyers Consider Rebooting Shuttered Crypto Exchange

FTX debtors revealed during a hearing on April 12th that the restructuring team has collected $7.3 billion in liquid assets. The exchange is currently considering a relaunch, according to a lawyer representing the defunct cryptocurrency exchange. Following the announcement, the exchange’s token, FTT, increased by over 70%, rising from $1.30 to $2.35 per unit.

FTT’s Price Doubles As FTX Considers Reboot; Which Other Affected Coins Will Follow Suit?

 During a court hearing on Wednesday, FTX’s attorneys from Sullivan & Cromwell revealed that the management is mulling over the possibility of reopening the crypto exchange in the second quarter of 2023 while it navigates through its bankruptcy process.