Should you invest in FTX (FTT) token despite volatility?

Highlights

  • FTT is the native token of FTX ecosystem and offers collateral for futures positions, discounts on trading fees and much more.
  • The FTT has struggled for a week now largely due to fall in the Bitcoin prices.  
  • According to CoinMarketCap, the FTT is trading at $76.13 with a 24-hour trading volume of $3,05,71,71,876.

FTX (FTT) has been on a revival trend of late. After seeing weeks of low, the FTT token has shown revival of sorts from 27 September on the initial part of the trading session on 4 October, before seeing red once again.

The FTT has struggled for a week now largely due to fall in the Bitcoin prices. But market reacted well to the news of FTT supporting Solana’s NFT projects, such as Degen Ape Academy, Aurory, Thugbirdz, and Solana Monkey Business. FTX network had informed about the development through a cryptic tweet and investors are all geared up to see it pan out.

FTT has enjoyed a good run almost the entire September with the prices soaring by 50% and along with Solano it was the one of the strongest coins as other coins dipped. But then the sudden drop in Bitcoin prices pulled back the token raising alarms within the market. But with Bitcoin once again rising, hopes have come back for a bullish run for FTT.

Also read: Should UK investors go for HNT token?

What is FTT token?

FTT is the native token of FTX ecosystem and offers collateral for futures positions, discounts on trading fees and much more. Founded by Sam Bankman-Fried and Gary Wang the FTT token allows traders to take leveraged positions without the need to trade on margin. It helps the investors to not only stake the token but also earn rewards in the process. Besides, it provides an opportunity for the users to win NFTs.

Should you go for FTT?

FTT is ranked 29 on CoinMarketCap and was trading at US $55.21 with a 24-hour trading volume of US $ 439,338,730. At the time of writing (BST 9:45 am), FTT was down by 2.49% in the last 24 hours. FTT currently has a live market cap of US $6,655,776,569. It has a circulating supply of 120,546,132 FTT coins.

Also read: One-third Britons still naive to cryptocurrencies: Survey

FTT projects itself as one of the potential tokens, which can offer great returns. Wallet Investor predicts that if one were to buy US $100 worth tokens today, in next five years the investor can register gains by +482.3% if the market remains favourable. Which means, the US $100 would then go up to US $582.3 by 2026.

Conclusion

The recent announcement of Solano’s NFT integration has revived hopes of a bullish trend and investors would be hoping that this blip is an indeed a brief one. With a strong foundation of FTX exchange, the FTT token is definitely poised to achieve greater heights in the coming days.  

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