FTX is a trending cryptocurrency exchange and shows a lot of promise. The native token of the platform is also growing in value and attracting more investors. But is FTX an innovative project?
Additionally, should you invest your money in FTX?
What is FTX?
FTX is a cryptocurrency exchange where you can buy and sell crypto coins. The platform also offers a range of crypto financial products for investors. However, FTX is not available in the USA or places that ban cryptocurrency.
Nevertheless, FTX is turning heads and attracting a lot of interest. The company has also raised $900 million in funding recently. As a result, the value of FTX has climbed to a staggering $18 billion. In addition, more than 60 investors are actively backing the project.
Moreover, FTX engages in many exciting activities. It is running a climate program and funding research to tackle climate change.
In addition, it is sponsoring gaming startups and acquiring companies like LedgerX. As a result, FTX is in the headlines quite often.
What is the FTT Token?
The FTT token drives the FTX platform as its native token. The company created 345,219,294 FTT tokens during its inception and will release them gradually.
In addition, FTX dedicated a certain percentage of tokens for different purposes. For example, 25% of tokens belong to the company, 20% facilitate trading processes, and 5% are for safety funds.
FTT token holders can enjoy benefits like a share of fees earned by FTX. They can also vote to decide the course of the project.
FTT Price Analysis
FTT ranks 27 among all the cryptocurrencies. Additionally, the price of FTT increased by 130% across six weeks, as per CoinMarketCap stats.
Currently, FTT is trading at $52.52, which shows a decline of 8.2% in value in the last 24 hours. However, the token recorded the highest price of $57.75 yesterday and closed at around $60.
The downward trend in FTT’s value was also visible in the past week. The token went down in prices by 22.2% in the last seven days.
In addition, the prices dipped by 34.7% in the last 14 days.
However, the performance of FTT is encouraging when we look at the past month. The token posted a growth of 10.5% in the last 30 days.
Moreover, the yearly performance of FTT is also impressive. In the last year, the token grew in value by 1,427.4%.
As a result, the recent dip in prices is generally not a cause for concern. Experts think the FTT will perform well in the long run, backed by its strategic business plan. Additionally, the project has a talented team of founders who are constantly working towards its improvement.
Therefore, we may see a rise in price in the coming days, going by past trends.
FTT is trading around the $50 mark and could grow in value in the long term. It is also experiencing huge trading volumes that indicate the token’s popularity. However, investors should always study the market risks in order to invest wisely.