The entire FTX community ended up witnessing a miracle as they saw the trading price of FTX Token experience a pump.
This happened as talks started to take place between Sam Bankman-Fried and the FTX community involving the revival of the FTX Token (FTT).
It was discussed that a new FTT Token must be introduced so the community can continue investing in the asset.
Just as the reports started to emerge about the discussion, the price of the existing FTT Token experienced a surge.
FTT Token is Still Being Traded
As the FTX crash took place back on November 7, it was expected that its native token “FTT Token” would also bite the dust.
Although the trading price of the FTX token has plunged tremendously, it has still managed to remain above “0”. To be honest, the value of the asset has remained much higher than the zero level.
This is no less than a miracle that the FTT Token is still being traded among investors. Surprisingly, there is an entire community, which is now aiming to revive the token.
They are eager to introduce a new FTT Token and for that, they are holding discussions with the former CEO and co-founder of the collapsed FTX exchange.
Even at the time of writing, the trading price of the asset has been oscillating between a range of $1.58 and $1.82. The FTT Token has maintained these ranges in the past 24 hours.
Origin of FTT Token
The historical background of the FTT Token is that it had been launched back in 2019. The entity responsible for the issuance of the token was none other than the (now bankrupt) FTX exchange.
Therefore, it is logical that with the collapse of the FTX exchange, the FTT Token should stop existing. Still, the token’s trading is going on and from the looks of it, the asset has recorded a surge in the past few days.
Performance of FTT Token
If you are thinking that the price of FTT Token has been plummeting given the fact that the exchange has collapsed, then it is not correct.
The value of the asset has actually moved higher in the past couple of weeks. This is because of the discussions going on between the FTT Token community and the former CEO of FTX.
As seen from the price chart, the value of the asset has continued surging in the past couple of weeks, which is no less than a miracle.
In the past couple of weeks, the value of the asset has surged by 17.5%. However, the running week has been quite phenomenal for FTT Token.
In the running week, the value of the FTT Token has surged by 23.4% already. It is still quite amazing to see that the price of the token has been the reason but there is no strong reason behind that.
As the week is still ongoing, there is knowing how far the rally may go in the upcoming days.
There is only one logical reason behind the strong rally of the FTT Token, which is, the community talking about launching a new FTT Token.
Ran Neuner Fired up the Discussion
The discussion around the launch of a new FTT Token was fired up by a crypto proponent, Ran Neuner, on December 9.
He is the one who tweeted to fire up the FTX exchange. He elaborated on his tweet stating that a new FTT Token must be launched.
He asked that the new token should be distributed among the depositors/creditors.
He further added that the profits that are generated from the sales of the tokens and the protocol investments must be sent to token holders. He clarified that 100% of the profits should be given to the holders.
The tweet was retweeted and responded to by Sam Bankman-Fried who seemingly approved the notion, causing a major pump in FTT Token’s price.
For now, it is just an idea and the discussions are still taking place among the community members. There is no telling whether the discussions would be fruitful or not but they are proving to be promising for FTT.