Cryptocurrency

<ul class="news-points">
 <li>Cryptocurrency market data platform Kaiko raised alarm over FTT’s high trade volume in 2023.</li>
 <li>The token associated with FTX crashed after the crypto exchange declared bankruptcy.</li>
 <li>CoinMarketCap data shows that 91% of the token is held by Whales.</li>
</ul>
Cryptocurrency market data platform Kaiko today raised suspicions around FTT, the native cryptocurrency token of <a href="https://coinedition.com/python-code-ftx-used-to-randomly-fabricate-insurance-fund-exposed/" rel="noopener noreferrer nofollow">troubled crypto trading platform FTX</a>. In the tweet on X – formerly Twitter, the platform noted that despite the FTX collapse, FTT continued to record high trading volume.
Kaiko noted that the weekly volume of the token has, at times, climbed above $400 million. The reported data is surprising, considering that the token’s use was tied to the crypto exchange that has now ceased operations. Kaiko added that “the token has no use case and will likely never again”.
Per the data shared by Kaiko, the trading volume of FTT peaked in April at a time when regulators were still initiating charges against founder <a href="https://coinedition.com/understanding-the-65b-line-of-credit-key-testimony-in-sbf-trial/" rel="noopener noreferrer nofollow">Sam Bankman-Fried</a>. However, the token’s volume declined in the same month before rising to over $400M million again in July.
Initially designed as a reward for traders on FTX, FTT’s use grew b…
The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/who-is-trading-ftt-kaiko-says-token-peaked-over-400m-trade-in-2023/">Who Is Trading FTT? Kaiko Says Token Peaked Over $400M Trade in 2023</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.

Who Is Trading FTT? Kaiko Says Token Peaked Over $400M Trade in 2023

Coin Edition

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