FTX’s Native Token FTT Signals a Bullish Trend Amid The Recent Crypto Market Dip

The FTX crypto exchange’s native token continues to send bullish signals despite BTC, ETH, and other altcoins’ recent price plunge. According to Santiment, $FTT whales’ balances protrude, and the number of active addresses is slowly skyrocketing.

https://twitter.com/santimentfeed/status/1440518067906224139

FTT Displays a Significant Growth in Popularity

Santiment displayed several graphs showing how the FTX token might take a turn for the good soon. One of the graphs showed how FTT whales’ wallets continued to grow even when the token hit an all-time high 13 days ago. FTT’s ATH currently stands at 85.02, but the token was selling at $53 at the time of writing.

According to analysts from Santiment, FTX’s network growth when FTT hit its ATH was constantly growing. The growth could probably signify a bullish divergence now, even though the token plunged more than 30% since that time.

Nonetheless, FTX has had its Gibraltar and Bahamas subsidiaries approved to operate by local regulators of both regions. The green light could mean great times for FTT investors as the crypto market dip continues to wave clouds of woes across the market. 

FTX’s Bold Statement Pays Off

In mid-2021, the FTX exchange joined forces with NFL Star Tom Brady and his wife Gisele to announce itself to the U.S, Financial landscape. The exchange invested about $20M in the ad campaign, planning to become as competitive as the likes of Coinbase. Subsequently, the FTT saw a huge surge in price, and a few months later, it hit a new ATH.

FTT’s price has fallen by 3% in the last 24 hours. The token clocked a low of $48 yesterday but climbed back to the $50 mark almost immediately. However, investors who bought the token about three months ago are still holding more than double the money they had invested.

At the time, Brady and his wife announced they would be acquiring FTX equity shares. The crypto exchange’s U.S. affiliate President Brett Harrison acknowledged how FTX was new to the U.S., saying, “We’re the newcomers to the scene.”

FTX Ventures into Sports

Moreover, FTX partnered with NBA Franchise Miami Heat earlier this year. The partnership saw Miami Heat’s arena change its name from the American Airlines Arena to the FTX Arena. Comprehensively, the deal involving the naming rights cost the exchange about $135M.

Additionally, FTX announced it had acquired sponsorship rights for the U.S.-based Major League Baseball. According to the trading platform, it is now the official cryptocurrency exchange for the MLB. The roundup of activities around FTX somewhat makes it trustworthy and, therefore, might be why investors are banking on FTT.