The FTX token witnessed a significant surge over the past day despite the market’s U-turn after the largest exchange by trading volume Binance faces criminal charges.
FTT is up by 18% in the past 24 hours and is trading at $3.63 at the time of writing. The asset’s market cap reached $1.19 billion, making it the 35th largest cryptocurrency. Data shows that FTT’s 24-hour trading volume soared by 318%, surpassing the $250 million mark.
According to a crypto.news report, one of the main price movers for FTT’s bullish momentum is the optimism around FTX’s rebirth.
Moreover, as Binance faces three criminal charges with a $4.3 billion settlement with the U.S. Department of Justice, data from Santiment shows that some investors are swapping BNB for FTT. The movements come while many altcoins are witnessing significant declines in their market caps.
According to data provided by Santiment, FTT’s social activity surged by around 190% over the past 24 hours — this comes as fear, uncertainty, and doubt, or FUD in popular crypto parlance, continues to swirl around BNB.
Data shows that whale transactions consisting of at least $100,000 worth of FTT have also seen a 300% surge over the past day — rising from only four trades on Nov. 21, including 16 unique transactions at the time of writing.
Furthermore, the price-daily active addresses (DAA) divergence also shows a buy signal for the FTX token. According to the market intelligence platform, FTT’s price DAA divergence currently stands at 182%, suggesting a strong signal to accumulate the asset.
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