FTT holders’ activity increases sharply after the FTX relaunch proposal

From April 12 to 14, 879 new addresses were created with the exchange token

14.04.2023 - 13:20

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3 min

What’s new? Onchain activity of the FTX (FTT) native token surged after the bankrupt crypto exchange recovered $7,3 billion in assets on April 12, and its lawyer allowed for a possible restart of the platform. According to the analytics platform Santiment, the figure reached its highest since the exchange collapsed in November 2022. Meanwhile, the FTT rate has risen by 71% in the last 7 days and reached $2,18, according to CoinGecko. As of April 14, 13:00 UTC, the price corrected to $2,03.

😮 Call them just rumors for now, but $FTT, the native token for @FTX_Official, has had surprising on-chain activity. Following news that $7.3B has been recovered & an actual possibility of restarting #FTX, activity is at its highest since the collapse. https://t.co/iGyewcAHKZ pic.twitter.com/DBNSPLoX4S — Santiment (@santimentfeed) April 13, 2023

What else is known? According to Santiment on April 14, 879 new FTT addresses have been created over the past two days. Analysts also recorded a significant increase in trading volumes, with the figure reaching 460 million FTT.

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During the April 12 court hearing, FTX attorney Andy Dietderich said FTX is in talks with interested parties about options for relaunching and could make a decision this quarter.

Earlier, former FTX senior executive Zane Tackett called for the restart of the exchange. He believes the new platform should offer a similar product suite, as well as a marketplace for trading claims on the exchange with debt tokens.

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