After attorneys hinted that FTX could reopen, the FTX Token (FTT) experienced a significant increase in on-chain activity.
After the news broke out that the bankrupt cryptocurrency trading platform FTX had recovered more than $7.3 billion in cash and liquid crypto assets and its attorney hinted that the crypto exchange could reopen at some point in the future, the FTX Token (FTT) has experienced a significant increase in on-chain activity.
Indeed, the on-chain activity of the collapsed company’s native token skyrocketed after its price more than doubled, and rumors exploded of the FTX’s possible return upon the lawyers’ statements, according to the data shared by crypto market intelligence platform Santiment on April 14.
As Santiment’s chart demonstrates, FTT has seen 879 new addresses created over the previous two days, which is the largest amount since the collapse of FTX in November 2022, as well as recording a significant increase in trading volumes and a price hike on April 13 that saw it climb from $1.32 to $2.63 in a matter of hours.
FTX Token’s on-chain activity. Source: Santiment
FTT price analysis
That said, its trading volume and price seem to have failed to retain momentum, having declined since. As it happens, the FTX Token was at press time changing hands at the price of $2.02, down 14.06% on the day. As for its trading volume, it has dropped from 460 million FTT to the current 136 million FTT.
However, the FTX Token’s previous rally still managed to push its price to rise by 58.37% in the last seven days, adding up to the 68.03% gain across the previous month, as well as 130% since the year’s turn, according to the latest data retrieved on April 14.
FTX Token 7-day price chart. Source: Finbold
Elsewhere, FTX’s attorneys from Sullivan & Cromwell told the bankruptcy court in Delaware that they had recovered $7.3 billion in liquid assets from the defunct exchange whose founder and former CEO, Sam Bankman-Fried, is currently in jail, awaiting trial on multiple charges that carry maximum penalties totaling over 100 years.
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