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While a large chunk of crypto assets have lost a lot of value over the past few weeks and bitcoin is down 18.2% in 30 days, the exchange coin’s ftx (FTT) token is still trading above one US dollar per unit. Moreover, the unknown entity known as “FTX Accounts Drainer” still holds the second largest FTT wallet with 45.85 million tokens worth $61.44 million.
FTT remains above $1 per unit for the past 2 weeks since the FTX collapse
It has been more than two weeks since FTX filed for Chapter 11 bankruptcy and on that day FTT was still trading at $3.46 per unit. 16 days later, FTT’s price has consolidated and over the past 24 hours, FTT has been trading at prices between $1.33 and $1.39 per unit.
In fact, the FTT has stayed above a single US dollar since November 12, 2022, and it still hasn’t broken through the low it hit in September 2019, when the FTT broke. was trading at $1.15 per unit. On Sunday, November 27, the bankrupt company-backed exchange token has a global trade volume of around $5.26 million. This week, FTT hit a high of $1.53 per unit and a seven-day low of around $1.23 per FTT.
Since FTT’s inception, the ERC20 token has seen 411,970 transfers according to blockchain explorer etherscan.io. On November 27, around 24,874 wallets hold the FTT token, but the largest wallet holds 195,869,338 FTT, or 59.55% of the total supply.
The second largest owner of FTT is the same person as the ‘FTX Accounts Drainer’ hacker and he owns 45.85 million FTT tokens worth $61.44 million using today’s exchange rates. today. Bitdao holds 3,362,316 FTT and Wormhole holds around 2,818,904 FTT at the time of writing.
Between the largest and second largest FTT addresses, over 73% of all FTT tokens are held by two entities. In the past seven days, there have been approximately $7.69 million in FTT transactions over $100,000. Prior to FTX’s collapse and bankruptcy filing, Alameda Research held one of FTT’s largest caches. Former Alameda CEO Caroline Ellison would have left Hong Kong to flee to Dubai.
What do you think of the market performance of the FTT token over the past two weeks? Let us know what you think about this topic in the comments section below.
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