FTT raced to double-digits uptick after SBF endorsed trader’s recovery plan opinion On-chain profit and loss remained in the same region FTX Token [FTT] recorded a 30.39% increase in less than 24 hours after embattled founder Sam Bankman-Fried (SBF) consented to a recovery plan. His agreement was in response to a proposal by CNBC’s crypto […]
SBF’s positive feedback might have also had a hand in the token’s spike. Additionally, the price increase might not be a usual market reaction or a pump-and-dump situation. This was because Santiment’s data showed that FTT hadAccording to the on-chain platform, FTT’s 24-hour active addresses climbed to 414 at press time.
As for the 30-day Market Value to Realized Value , it went from -34.70% to -13.81% within one day. This implied that FTT buyers who accumulated after confirmation of the crumble made some profits from the token. Although the MVRV ratio increased, its stay in the negative region inferred that it was still overvalued.Overall, the price increase could not bail FTT holders from their assets lying in anguish. Santiment showed that the daily on-chain profit and loss were close at 1.28 million and 1.
In other developments, SBF and Binance CEO CZ were still locked in a war of words, with the former telling CZ, “You won.”Subscribe to get it daily in your inbox.
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