Whales buy $12.25M worth of FTX Token, should you buy FTT?

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ftx launches a new, unique futures product

The FTX Token FTT/USD is essentially the exchange token used throughout the FTX ecosystem and exchange. 

It serves the role of being collateral for futures positions and even enables users to get discounts on trading fees, receive OTC rebates, and a lot more. 

Whale purchases of FTT and IEX partnership as catalysts for growth

The biggest Ethereum investors on a global scale have started purchasing the FTX Token (FTT), which is the utility coin for the crypto derivatives exchange known as FTX.

In fact, according to data by WHaleStats, three top Ethereum (ETH) whales have accumulated a total of 245,413 FTX Tokens for $12,252,923 ($12.25M).

In fact, through a tweet posted on April 4, we can see that a whale, which ranks 37 out of all others in existence in terms of size, named “BlueWhale0069,” bought over 39,999 FTX tokens for $1,981,950 in one large transaction.

This was followed by a purchase by the 11th biggest whale that bought 24,999 FTX tokens for $1.25 million. 

And these were followed by even more purchases by more whales, all neatly documented on WhaleStates. In any case, it is clear that there was a sudden spike in interest surrounding the FTT token.

Alongside this, on April 5, we saw an official announcement from IEX that they have joined forces with FTX US as a means of shaping the structure for digital assets.

The CEO and Co-Founder of IEX said that “To unlock its full potential, the crypto and digital asset industry needs to engage with regulators and truly scale what has been built.”

Should you buy FTX Token (FTT)?

On April 6, 2022, FTX Token (FTT) had a value of $48.29.

ftt usd 1

In order for us to get a better perspective as to what kind of value point this is for the FTT cryptocurrency token, we will be going over the token’s all-time high value alongside its performance throughout the previous month.

The all-time high point of value of the FTX Token (FTT) was on September 9, 2021, when the token reached a value of $84.18. This gives us an indication that at its ATH, the token was $35.89 higher in value or by 74%.

When we go over the performance of the token throughout the previous month, we can see that FTX Token (FTT) had its lowest point of value on March 7, when it reached $38.8.

However, the highest point of value for the token was on March 28, when it saw an increase to $53.09.

Here, we can see that the token increased by $14.29 or by 37%. With this in mind, at $48.29, the FTX Token (FTT) is a solid buy as it can reach $58 by the end of April 2022.

The post Whales buy $12.25M worth of FTX Token, should you buy FTT? appeared first on Invezz.

from Market Analysis – Invezz

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