FTT Skyrockets Amid Rumors of FTX Acquisition Linked to Former NYSE President.
On Thursday, FTT's value surged, rising from an early low of $1.22 to a peak of $2.38. Fueling the rally were revelations that signaled Tom Farley, who led NYSE Group from 2014 to 2018, as a competitor in the group of potential FTX buyers.
This speculation was fueled by a Wall Street Journal article that cited sources โfamiliar with the matter.โ Since the announcement, the FTT has posted an 82% gain against the dollar, and its 30-day trajectory shows a gain of 111.8%.
$485.99 million, making it the 13th most traded crypto asset among more than 10,000 competitors. Currently, FTT has approximately 28,713 holders, with the largest wallet holding 59.5% of FTT's total circulation volume of 328.89 million.
The top echelon of 100 FTT holders own 98.73%, or 324,724,765.33 FTT coins as of November 9, 2023. Market analysis suggests the potential for an excessive rally, with the relative strength index (RSI) reaching a high of 86.47, which could indicate potential excessive upside. imminent cooldown.
The Stochastic oscillator and commodity channel index (CCI) still depict strong, albeit volatile, market impulses. FTT's movement across various moving averages suggests that the market may be on the verge of saturation, possibly signaling a future decline in FTT's valuation.
Traders are advised not to be too cautious, as significant FTT price spikes are often a sign of impending market changes. This pattern of a sharp increase in value followed by a rapid decrease has been observed previously with FTX 2.0 rumors, evidencing a โpump and dumpโ cycle. For example, in mid-April 2023, FTT's value against the dollar jumped by 70% amid talk of a potential exchange revival, but those gains evaporated in less than a week.
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