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FTT: A Surging Exchange Token Defying the Odds

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FTT Records Colossal Gains Over the Past Fortnight

FTT, the exchange token launched by the now defunct cryptocurrency trading platform FTX, has experienced a significant 200% surge in value over the past two weeks, surpassing the $3 per unit mark. Ranking as the fifth largest exchange coin in terms of market capitalization, FTT stands below prominent counterparts like BNB, LEO, OKB, and CRO.

Originally developed by the now-convicted Sam Bankman-Fried and the insolvent FTX, the crypto asset FTT has defied the odds. Despite the backdrop of Bankman-Fried's fraud conviction and FTX's ongoing Chapter 11 bankruptcy proceedings, FTT has shown a significant uptick in market performance, making notable strides within the last two weeks.

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FTT's Impressive Market Performance

FTT has shown a notable 200.2% increase against the U.S. dollar over the last fourteen days, despite a 6.3% decline in the past week. Currently, FTT boasts a 24-hour global trade volume of $230.85 million, placing it in the 21st position for daily spot trading volume. As of Sunday, November 19, 2023, FTT's leading trading pairs include USDT, USD, ETH, USDD, and USDC.

FTT Ownership and Speculative Theories

A significant portion of FTT's supply is in the hands of the FTX estate and centralized exchanges. While there are 29,221 FTT holders, the top 100 control a staggering 98.83% of the total supply. This might leave many puzzled as to why a token, developed by a convicted fraudster and a bankrupt exchange, is performing remarkably well. The answer lies in the widespread belief that FTX could be revived under new management.

Many speculate that a potential FTX 2.0 would reintroduce FTT, assigning it new utility or broader possibilities. Investors are gambling on acquiring FTT at rock-bottom prices, betting on a win if FTX 2.0 incorporates the exchange token.

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However, this is speculative, as the future of FTT remains very uncertain, and there's a chance that a new FTX team may choose not to utilize the token for various reasons. Despite these uncertainties and risks, speculative theories continue to fuel FTT's momentum, propelling its value based on potential long-term outcomes.

Share Your Thoughts

What do you think about FTT's climb over the past two weeks? Share your thoughts and opinions about this subject in the comments section below.
CFTC

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How To

3 Ways to Invest in Gold for Retirement

It is important to understand the role of gold in your retirement plan. You have many options for investing in gold if there is a 401K account at your workplace. You may also be interested in investing in gold beyond your workplace. You could, for example, open a custodial bank account at Fidelity Investments if your IRA (Individual Retirement Account) is open. You might also consider purchasing precious metals directly from a trusted dealer if they are not already yours.

These are three easy rules to remember if you invest in gold.

  1. Buy Gold With Your Cash – Do not use credit cards to purchase gold. Instead, cash in your accounts. This will protect you from inflation and help keep your purchasing power high.
  2. Physical Gold Coins to Own – Physical gold coin ownership is better than having a paper certificate. Physical gold coins can be sold much faster than paper certificates. Physical gold coins are also free from storage fees.
  3. Diversify Your Portfolio. – Do not put all your eggs into one basket. In other words, spread your wealth around by investing in different assets. This can reduce market volatility and help you be more flexible.

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By: Jamie Redman
Title: FTT: A Surging Exchange Token Defying the Odds
Sourced From: news.bitcoin.com/exchange-token-ftts-200-spike-in-2-weeks-defies-bankruptcy-and-bankman-frieds-fraud-conviction-woes/
Published Date: Sun, 19 Nov 2023 18:30:31 +0000

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