Amidst mounting anticipation and speculations surrounding the future of the collapsed FTX exchange, recent developments indicate that efforts are underway to relaunch the platform.
As news of a potential revival circulates, FTT, the native token of FTX, has experienced a remarkable surge, soaring over 70% in just one week.
This surge in price reflects the growing excitement and market confidence surrounding the possibility of FTX’s comeback.
At the time of writing, FTT is trading at $1.69, marking an 18.1% increase over the past 24 hours. In the span of seven days, FTT has witnessed a staggering 71.2% gain, surging from $0.97.
This surge has led to a significant boost in FTT’s market capitalization, which increased by approximately $233 million, reaching $556.9 million.
While the year-to-date price rally for FTT stands at nearly 110%, it is important to note that the majority of these gains were achieved within the past week.
Over the last 30 days, FTT has experienced positive performance on 18 out of 30 days, accounting for 60% of the period.
Despite the recent surge, it is crucial to contextualize FTT’s current value. The token’s price is still far from its all-time high of $84.09, which was reached during the unprecedented bull run in the crypto market in September 2021.
Additionally, FTT exhibits a high level of volatility, with a 30-day volatility measure of 13.90%, indicating the inherent risks associated with the asset.
However, the latest report from The Wall Street Journal suggests that a potential relaunch of FTX is becoming increasingly likely.
According to the report, FTX has commenced the process of soliciting interested parties for the reboot of the FTX.com exchange.
The newly appointed CEO, John J. Ray III, who took over following the company’s bankruptcy filing, revealed that FTX has engaged in early discussions with investors regarding various structures, including a potential joint venture, to support the relaunch.