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FTX Token Price Prediction 2024: FTT Jumps After Repayment News

Last Updated May 8, 2024 10:05 AM
Peter Henn
Last Updated May 8, 2024 10:05 AM

Key Takeaways

  • The moribund FTX exchange could be making a comeback.
  • Its founder, Sam Bankman-Fried, has received a 255-year prison sentence.
  • Will FTX and its FTT token ever get back to previous heights?
  • One FTX Token price prediction says  FTT can reach $7.59 in 2025.

FTX founder Sam Bankman-Fried’s downfall reached its climax on March 28, 2024, as US District Judge Lewis Kaplan in Manhattan handed him a 25-year prison sentence.

Accompanied by the US Marshals Service, the 32-year-old faced the consequences of his actions, convicted in November for orchestrating what prosecutors deemed one of the most significant financial frauds in American history.

Once a celebrated figure in the cryptocurrency world, Bankman-Fried’s trajectory from affluent mogul and influential political donor to a symbol of misconduct within the digital asset sector marks a stunning reversal of fortune. Despite his pledge to challenge both the conviction and the severity of his sentence, his legacy now stands tarnished, serving as a stark warning to others in the industry.

However, FTX token (FTT) has witnessed an extraordinary surge, soaring by an astonishing 37% in just one day, capturing significant attention within the cryptocurrency sphere. This rapid and substantial ascent, amidst the inherent volatility of the market, underscores its remarkable momentum.

On May 8 2024, FTT was worth about $1.99.

FTX did not respond to a request for comment.

But what is FTX Token (FTT)? How does FTX Token work? Let’s see what we can find out, and also take a look at some of the FTX Token Price Predictions that were being made as of May 8, 2024.

FTX Token Price Prediction

Let’s examine some of the FTX Token price predictions being made on May 8, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $4.53 $5.32 $15.30
Prediction #2 $5.59 $7.59 $17.58
Prediction #3 $2.92 $4.51 $31.38

First, CoinCodex  had a short-term FTX Token price prediction that said the crypto would trade at $1.92 on May 13 and reach $1.96 by June 7. The site’s technical analysis was neutral, with 23 indicators sending bearish signals and eight making bullish ones. 

FTX Token Price Prediction for 2024

DigitalCoinPrice  said FTT would reach $4.53 this year. Bitnation  had the crypto trading at $5.59 while PricePrediction.net  thought it would stand at $2.92 this year. 

FTX Token Price Prediction for 2025

Bitnation said FTT would get to $7.59 in 2025, while PricePrediction.net said it would be worth $4.51. DigitalCoinPrice was between the two, saying FTT would trade at $5.32 next year. 

FTX Token Price Prediction for 2030

Moving on to a more long-term FTX Token price prediction, PricePrediction.net said it would trade at $31.38 in 2030. DigitalCoinPrice thought it would stand at $15.30. Bitnation made an FTT price prediction that said it would reach $17.58 at the start of the next decade.  

Google BardAI Price Prediction for FTX Token (as of May 8)

Google’s BardAI platform gave the following price prediction for FTX Token on May 8. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.

It said: “Unfortunately, I cannot provide you with financial advice, and that includes making price predictions for any specific asset. However, I can offer some information on current sentiment and factors that could affect the future price of the FTT token, allowing you to form your own informed opinion.”

Current Status:

  • As of today, May 8, 2024, FTT is trading around $1.99, significantly below its all-time high of $85 in September 2021.
  • The recent FTX bankruptcy filing continues to negatively impact the token’s price.
  • Technical analysis suggests a short-term bearish trend.

Potential Influences:

Short-term (Three months):

  • Progress on the FTX bankruptcy proceedings and the possibility of customer compensation could positively impact the price.
  • Broader market sentiment towards cryptocurrencies will play a significant role.
  • Regulatory developments in the crypto space could also have an impact.

Medium-term (One-two years):

  • The overall adoption and utility of the FTX platform and its FTT token will be crucial.
  • The success of new initiatives and partnerships launched by FTX could boost the token’s value.
  • Competition from other exchanges and their tokens needs to be considered.

Long-term (Five years):

  • The future of cryptocurrency regulation and its impact on centralized exchanges like FTX.
  • The overall growth and mainstream adoption of cryptocurrency could benefit FTT.
  • Technological advancements and innovations within the blockchain space could play a role.

Remember:

  • These are just some potential factors, and the future price of FTT is highly uncertain.
  • Conducting your own research and considering various opinions is crucial before making any investment decisions.
  • Past performance is not necessarily indicative of future results.

Recent Updates from FTX Token

The FTX debtors, on May 8, 2024, filed  their anticipated amended plan of reorganization and accompanying disclosure statement with the US Bankruptcy Court.

FTT Price History

Now, let’s examine some of the highlights and lowlights of the FTX Token price history . While we should never take past performance as an indicator of future results, knowing what the token has achieved can provide us with some very useful context if we want to make or interpret an FTX Token price prediction.

FTT first came onto the open market in the summer of 2019, when it was worth about $1.70. It experienced some slow growth over the following year and a half, closing 2020 at $5.77.

In early 2021 it shot up, reaching a periodic high of $61.28 on May 11. Although the market took a downturn, which saw FTT drop to below $25 in June, it recovered later on in the summer.

On September 9, the token reached an all-time high of $85.02, before it slid down to close the year at $38.31. 

2022 was a bad year for crypto, and FTX had to take some of the blame for that. FTT had already dropped to around $22.14 on November 8 when disaster struck.

Binance canceled a proposed takeover deal, and FTT collapsed to $3.15. FTX declared bankruptcy the next day and FTT fell to $2.49. The price kept falling and FTT closed the year at $0.8427. This meant it lost 97.8% of its value over 12 months. 

FTX Token in 2023 and 2024

FTT price history
FTT price in 2023 and 2024. | Credit: CoinMarketCap

2023 did not start well for FTT, which fell to what was then an all-time low of $0.8245 on New Year’s Day. After that, though, it rose, breaking past $2 in the middle of January. FTT then dropped to just over $1 in March before spiking again to above $2 in April.

A slump became a crash in June. The news that the United States Securities and Exchange Commission (SEC) was to sue the Binance and Coinbase exchanges hit the market. By 10 June, following Crypto.com’s suspension of its US institutional arm, FTT was down to an all-time low of $0.7763.

It managed to make something of a recovery after that. It broke past the dollar in late June but fell back down in the middle of August. There was a resurgence and, by the end of November 8, it was worth $1.36. The news from the SEC saw it shoot up the following day, with it reaching a peak of $5.36 on November 10. After that, though, it fell, closing the year at $3.07, which still represented an annual gain of nearly 265%.

The slump continued in 2024 and, by February 7, the FTX token was worth about $1.60. It then increased a bit in March, reaching $1.89 on March 29, 2024. It’s worth $1.99 on May 8, 2024.

At that time, there were 328.9 million FTT in circulation, representing the total supply. This gave it a market cap of around $658.5 million, making it the 111th largest crypto by that metric. 

FTX Token Price Analysis

FTX Token price analysis
FTT surged, but what happens next? | Credit: Nikola Lazic/TradingView

On December 10, the price of FTT reached a high of $6, the highest point since its November 2022 collapse. As it overextended, a downturn followed, leading to a sustained downtrend. 

We saw a descending trendline forming, with FTT moving in a three-wave manner slightly above $1 on April 13. It bounced from the descending support and increased past the resistance, breaking out and moving parabolically. 

On May 8, FTT spiked to $2.28 but is now below $2 again. As it broke out from the descending trendline, this could signal the beginning of a new bull phase for FTT, with the rise from April 13 being its first advance. 

If this is the case, we could now see a retracement to establish a higher low above $1.50 before further upward movement. Even with the price breaking out from the descending trendline, there is still a chance that FTT could continue its downward trajectory. 

This is why we need to see either a higher high above $2.70 or a higher low being established before we can anticipate a new bull phase for FTT. 

Is FTX Token a Good Investment?

It is hard to tell. On one hand, FTT does not do anything right now. As the native token of a moribund crypto exchange, it serves little of its original purpose. Not only that, but it has not recovered from its devastating collapse in 2022. 

On the other hand, though, there is always the potential that a new FTX could be created. While the revamped platform will have to deal with a pretty toxic brand, it could have some potential. 

As ever with crypto, you will need to make sure you do your research before deciding whether or not to invest in FTT.

Will FTX Token go up or down?

No one can tell right now. While the FTX Token crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in FTX Token?

Before you decide whether or not to invest in FTX Token, you will have to do your research, not only on FTT, but on other related, coins and tokens such as Binance (BNB) or Cronos (CRO). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who is the Founder of FTX Token?

The FTX Token’s de facto founder is Sam Bankman-Fried, a convicted fraudster and disgraced former billionaire.

Who Owns the Most FTX Tokens (FTT)?

On May 8, 2024, one wallet held 55.96% of the supply of FTT.

Richest FTT Wallet Addresses

As of May 8, 2024, the five wallets with the most FTX Tokens were

  • 0x5c9d457374899d67ff10ff5f3ad66ab53e0fb36b. This wallet held 195,869,347 FTT, or 55.96% of the total supply.
  • 0x97f991971a37d4ca58064e6a98fc563f03a71e5c. This wallet held 45,850,883 FTT, or 13.10% of the total supply.
  • 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet held 33,300,000 FTT, or 9.51% of the total supply.
  • 0x77f33da6046a03ebb0e6d33a26cb49bd738774ff. This wallet held 11,661,643 FTT, or 3.33% of the total supply.
  • 0xf02e86d9e0efd57ad034faf52201b79917fe0713. This wallet held 8,997,501 FTT, or 2.57% of the total supply.

Fact Box

Supply and distribution Figures
Maximum supply 352,170,015
Circulating supply (as of May 8, 2024) 328,895,104 (93.39% of maximum supply)
Holder distribution Top 10 holders own 94% of maximum supply (as of May 8, 2024)

From the Whitepaper

In FTX’s whitepaper , it claims FTT would be subject to a burning program and could be used as collateral for trading positions.

It said: “FTT is the backbone of the FTX ecosystem. We have carefully designed incentive schemes to increase network effects and demand for FTT, and to decrease its circulating supply.”

FTX Token (FTT) Explained

Before it collapsed in November 2022, FTX  was the second-largest cryptocurrency exchange in the world. 

It allowed people to trade not just in crypto but also in crypto futures. It promised to have enough features for experienced crypto traders but still be accessible enough for newcomers. 

Founded by disgraced former billionaire Bankman-Fried in 2019, the platform managed to garner support from a range of celebrities, including American Football legend Tom Brady and US comedian Larry David. 

Its native token, FTT, supported the FTX exchange.

Once FTX declared bankruptcy, FTT pretty much lost its entire purpose and became a de facto store of value. 

How FTX Token Works

The FTX Token is used to pay for fees on the FTX crypto exchange. Now, though, it is a store of value. It can also be bought, sold, and traded on exchanges. 

It is not yet clear what, if any, role it will have if FTX is resurrected. 

FTX Token Attention Tracker

A chart for the FTX Token Google search volume for the past 90 days isn’t available as Google said there is not enough data to provide one.

FAQs 

How many FTX Tokens are there?

As of May 8, 2024, there were 328.9 million FTT in circulation, representing the total supply.

Will the FTX Token reach $10?

It might do. PricePrediction.net says it will get there in 2026, while DigitalCoinPrice and Bitnation say it will reach double figures in 2027. 

Bear in mind that FTT has not traded at over $10 since November 8, 2022. This was when Binance pulled out of a rescue deal for the FTX exchange, which led to the platform declaring bankruptcy the following day.

What is FTX Token used for?

At present, the FTT crypto is a store of value. If the FTX exchange is relaunched, this might change. 

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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