Amid the recent crypto market downturn, FTX’s native token FTT signals a bullish trend

Despite the recent price drops in BTC, ETH, and other cryptocurrencies, the FTX crypto exchange‘s native currency continues to provide optimistic signs. The balances of $FTT whales are protruding, according to Santiment, and the number of active addresses is progressively increasing.

The popularity of FTT has increased significantly.

Santiment showed many graphs demonstrating how the FTX token might soon take a positive turn. For example, even after the cryptocurrency achieved an all-time high 13 days ago, one of the graphs showed how FTT whales’ wallets continued to increase. The ATH of FTT is now 85.02. However, the token was trading for $53 at the time of writing.

According to Santiment experts, FTX’s network expansion was steady when FTT attained its ATH. So even if the coin has dropped more than 30% since then, the increase might indicate a positive divergence now.

FTX’s Gibraltar and Bahamas companies have been authorized to operate by local regulators in both locations. The green light may spell good news for FTT investors as the crypto market continues to suffer from a wave of problems.

The Bold Statement by FTX Pays Off

In mid-2021, the FTX exchange teamed up with NFL star Tom Brady and his wife Gisele to make a splash in the financial world in the United States. The exchange spent roughly $20 million on advertising to compete with Coinbase and other exchanges. Following that, the FTT had a massive price increase, and a few months later, it reached a new all-time high.

In the previous 24 hours, the price of FTT has dropped 3%. Yesterday, the token hit a low of $48 before quickly rebounding to the $50 level. Investors who acquired the token three months ago, on the other hand, are still sitting on more than twice their money.

Brady and his wife stated at the time that they would be purchasing FTX stock shares. President of FTX’s U.S. branch Brett Harrison recognized the crypto exchange’s newness in the United States, stating, “We’re the newbies to the scene.”

FTX Makes a Sporting Belief

FTX also collaborated with the Miami Heat of the NBA earlier this year. The American Airlines Arena in Miami was renamed the FTX Arena as part of the collaboration. The name rights arrangement cost the exchange around $135 million in total.

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