FTT has risen in value greater than 200% from its post-bankruptcy low.
The token is 96% from its all-time excessive value.
From the Greek fable “Pandora’s Field” arises the phrase “hope is the very last thing that’s misplaced”, which has been used numerous instances and in every kind of contexts. The digital asset market is not any exception both.
And if not, ask the people who find themselves nonetheless shopping for FTX Token (FTT), the digital asset issued by the bankrupt firm FTX, within the hope that will probably be resurrected.
As CriptoNoticias has reported, FTX was one of many largest bitcoin (BTC) and cryptocurrency exchanges available on the market that declared chapter in November 2022.
Following this, FTT value plummeted from $26.50 to beneath $1.
Nevertheless, after hitting its all-time low of $0.77 in June 2023, to the shock of many, The worth of the asset rose greater than 260%. In the meantime, the commerce quantity exceeded 100 million {dollars} on January 2.
Maybe probably the most curious factor is that, after the chapter of the change, the token lacks any usefulness, however many merchants proceed to purchase it as a wager, within the hope that it’s going to resurrect from the darkest, or, quite, from its lowest costs. .
In actual fact, CoinMarketCap warns: “The FTT token now not has any use and may be liquidated by the property to pay collectors. “Proceed with warning.”
On this context, some merchants shared their predictions for FTT and They even mission costs above $20 within the quick time period.
The dealer recognized on
To justify his evaluation, he shares the graph the place the determine of a pennant is fashioned within the FTT value.
It’s a technical evaluation indicator that predicts sturdy bullish actions of an assetone thing that, a priori, appears tough to occur with FTT.
For Javon Marks, a monetary market analyst recognized at X, The token might expertise a restoration and attain $20, a stage that has not been seen because the change was operational.
From these analyzes the query arises: do they actually know what FTT is or are they betting on a miraculous rise in costs?
By the best way, on October 13, 2023, Paulo Márquez, a CriptoNoticias journalist, referred to FTT purchases and defined that there’s a class of merchants who finds belongings from the depths. “They commerce tokens which were useless for months, if not years, in deserted, illiquid sinks,” he commented, whereas investigating the behaviors that drive these purchases.
What motivates FTT purchases?
In latest days, it was reported that FTX EU, the European department of the defunct change, was acquired by Backpack Trade. In line with the announcement, the agency shall be liable for managing the distribution of claims arising from the chapter.
Armani Ferrante, CEO of Backpack Trade, said: “Restitution to prospects is a vital step in rebuilding belief within the business, and Backpack is dedicated to returning FTX EU buyer funds as rapidly and safely as potential.” .
Maybe it’s this sort of information that arouses curiosity and motivates merchants to make a wager and purchase FTT.
Within the beforehand talked about article, Márquez offered some causes that might encourage traders to lean in direction of this sort of belongings.
Certainly one of them is the chance {that a} group of individuals is implementing the “pump and dump”, a market manipulation scheme to extend the worth of an asset after which promote it en masse. Though it isn’t a standard follow, there are instances reminiscent of that of LOOM, whose value in 2023 would have been manipulated on Upbit, a Korean change.
Nor ought to we rule out these traders who purchased the asset throughout its growth and at the moment are lamenting the unrealized positive aspects. They’re those that are usually not but able to assuming the losses and might make these purchases to implement the technique dollar-cost averaging (DCA).
The strategy consists of building a recurring buy plan, of the identical quantity, in a beforehand outlined time period. All this, whatever the value of the acquisitions.
The reality is that past any sort of hypothesis concerning the conduct and motivations of merchants, it’s clear, as soon as once more, that hope is the very last thing that’s misplaced.
