Despite FTX’s collapse last month, the trading platform’s crypto token FTT had managed to not plummet all the way down to zero, and surprisingly it hovered below the $2 per unit region after Nov. 12, 2022. For 38 days FTT remained above the $1 per unit area up until Dec. 19, as the token suddenly crashed below the $1 region during the mid-afternoon trading sessions, slipping to a low of $0.89 per FTT at 2:30 p.m. (ET).
Bankrupt FTX’s Exchange Token FTT Drops Below $1 Price Range
Ftx Token (FTT), a crypto exchange ERC20 coin tied to the now defunct exchange, FTX, broke below the $1 support line on Monday, December 19, 2022. Zero, FTT fell from $25.78 per coin on November 5, 2022 to roughly $1.59 per unit on November 14, three days after FTX filed for bankruptcy protection.
FTT tapped $1.92 per coin the following day on Nov. 15, and it would not see that price height again after that point. For 38 consecutive days since Nov. 12, FTT has been below $2 and above the $1 range, and it tapped a high of $1.88 per coin on Dec. 9. 11 days later, FTT markets are struggling and for the first time since the token was launched, it reached its all-time low Dec. 19.
The exchange token sank to $0.894 per unit on Monday around 2:30 p.m. (ET). On Tuesday, at the time of writing, FTT is down 8.6% against the US Dollar. While the price of FTT remains below $1, a myriad of crypto assets have seen gains on Tuesday and FTT has not. FTT’s market cap rank does not apply as the project’s contract deployer unlocked the locked FTT tokens in circulation last month.
Coin market cap aggregation sites like coingecko.com do not rank the crypto asset’s cap among the thousands of other crypto assets listed. It is assumed there’s a total supply of 328,895,112 FTT tokens in the wild today and during the last 24 hours, FTT has seen $7.26 million in global trade volume.
FTT trading volume has decreased significantly since the collapse of FTX and today the most active FTT trading is happening on Binance, Kucoin and Sushiswap. While FTT has broken below the $1 support, the crypto asset continues to consolidate just below that area at prices between $0.89 and $0.98 per unit.
