- FTX token (FTT) faces a 4.49% drop amid bankruptcy proceedings, raising doubts about its long-term viability.
- Massive asset transfers to exchanges hint at FTX’s efforts to manage the fallout from the financial collapse, impacting FTT’s value.
- Despite an 11.04% dip, LUNC shows strong liquidity and potential for a price rebound if sentiment shifts.
The FTX token (FTT) has dropped significantly in the past 24 hours, with the price dipping from an intra-day high of $3.94 to an intra-day low of $3.44. The token’s price, presently $3.56, has dropped 4.49% from the day’s high. The ongoing bankruptcy proceedings of FTX accompany this downward trend, casting doubt on the token’s usefulness and relevance in the future.
FTT/USD 24-hour price chart (source: CoinStats)
Adding to the complexity, recent transaction data reveals that FTX has transferred substantial quantities of digital assets, specifically 8 million MATIC tokens valued at approximately $5.95 million and 1,592 Ethereum (ETH), worth around $3.22 million, to Coinbase (NASDAQ:COIN) and OKX, respectively.
In the past 8 hours, #FTX transferred 8M $MATIC($5.95M) and 1,592 $ETH($3.22M) to #Coinbase and #OKX. pic.twitter.…The post FTT Dips Amid FTX’s Troubles as LUNC Faces Steep Correction appeared first on Coin Edition.