People Are Still ‘Bullish’ About FTT and CEL, 2 Tokens Backed by Bankrupt Crypto Businesses

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People Are Still 'Bullish' About FTT and CEL, 2 Tokens Backed by Bankrupt Crypto Businesses

Despite the recent collapse and the exchange filing for bankruptcy protection, crypto traders are still paying more than a U.S. dollar for FTX’s FTT token on Friday, Nov. 18, 2022. FTT was once a top-30 crypto asset, and now the token has no rank on specific coin market aggregation sites due to locked FTT tokens entering circulation following the FTX bankruptcy filing.

Bankrupt Crypto Exchange FTX’s FTT Token Still Trades Above $1

While the FTX exchange collapse is a mess and the new FTX CEO said prior FTX leadership was a “complete failure of corporate controls,” and it was “a complete absence of trustworthy financial information,” the exchange token FTT is still trading for $1.48 per unit.

Despite the fact that FTX filed for bankruptcy, the coin is held by a few concentrated hands, and the FTT Contract Deployer unlocked 192 million previously locked tokens it has not joined the list of dead crypto coins trading for less than a U.S. penny.

At the time of writing, FTT’s 24-hour price range has been between $1.46 per unit to $1.62 per FTT. The coin lost approximately 93.9% during the last 14 days and because of the Contract Deployer incident, it is no longer ranked on coingecko.com.

On coinmarketcap.com, however, it ranks # 209 on Nov. 18, 2022, out of 21,790 listed crypto coins. After hitting its all-time price high on Sept. 9, 2021, FTT was ranked # 25 on coingecko.com and it had a $7.76 billion market valuation.

Crypto Proponents Are Still ‘Bullish’ About Crypto Coins Like CEL and FTT, One Social Media Post Says FTT Will Still Grow 3 Days After FTX’s Bankruptcy Filing

Today, FTT has a fully diluted valuation of around $485,397,611 and it has recorded around $16,060,367 in 24-hour global trade volume. According to coingecko.com, “MEXC Global is currently the most active exchange” on Nov. 18, 2022.

Coinmarketcap.com says “Binance, Coinw, BTCEX, Bitrue, and Tapbit” are FTT’s most active exchanges on Friday. Cryptocompare.com metrics indicate that the most active trading platforms dealing with FTT include Binance, Bitfinex, Huobi, Gate.io, and Bibox.

Statistics from cryptocompare.com further show FTT’s largest trading pair on Friday is the stablecoin BUSD capturing 92.87% of FTT swaps, while tether (USDT) commands 6.90%. FTT joins a wide range of tokens that were once managed or backed by now-bankrupt cryptocurrency businesses.

For instance, celsius token (CEL) is still holding value at $0.45 per unit despite the crypto lender Celsius collapsing. A number of folks discussing CEL on coinmarketcap.com’s (CMC) community posts are still “bullish” about CEL and still believe in it.

The same can be said for die-hard FTT token fans, as one CMC community post says: “FTT token will grow [in the] next days, we believe they will resolve problems and will be bigger.” The CMC community post saying FTT will grow was liked by more than 3,300 CMC community members.

What do you think about FTT’s price action since the FTX collapse and the people who still believe FTT will make a comeback? Let us know what you think about this subject in the comments section below.


by Jamie Redman via Bitcoin News

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