FTX Token Price Prediction 2024: Can FTT Survive Sam Bankman-Fried 25 Year Jail Sentence?
What's next for the FTX Token?
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 $7.17 in 2025.
FTX founder Sam Bankman-Fried’s downfall reached its climax on March 28, 2024, as U.S. 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.
On March 29, 2024, FTT was worth about $1.89.
FTX did not immediately 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 March 29, 2024.
FTX Token Price Prediction
Let’s examine some of the FTX Token price predictions being made on March 29, 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 | $4.13 | $4.86 | $13.97 |
| Prediction #2 | $5.28 | $7.17 | $16.61 |
| Prediction #3 | $3.46 | $4.97 | $32.06 |
First, CoinCodex had a short-term FTX Token price prediction that said the crypto would trade at $1.899064 on April 5 and reach $1.9360 by April 28. The site’s technical analysis was bearish, with 25 indicators sending discouraging signals and six making bullish ones.
FTX Token Price Prediction for 2024
DigitalCoinPrice said FTT would reach $4.13 this year. Bitnation had the crypto trading at $5.28 while PricePrediction.net thought it would stand at $3.46 this year.
FTX Token Price Prediction for 2025
Bitnation said FTT would get to $7.17 in 2025, while PricePrediction.net said it would be worth $4.97. DigitalCoinPrice was between the two, saying FTT would trade at $4.86 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 $32.06 in 2030. DigitalCoinPrice thought it would stand at $13.97. Bitnation made an FTT price prediction that said it would reach $16.61 at the start of the next decade.
Google BardAI Price Prediction for FTX Token (as of March 29)
Google’s BardAI platform gave the following price prediction for FTX Token on March 29. 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, March 29, 2024, FTT is trading around $1.90, 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 (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 (1-2 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 (5+ 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
Sam Bankman-Fried was found guilty of fraud on November 2, 2023. FTX founder experienced the culmination of his downfall on March 29, 2024, as he received a 25-year prison sentence from U.S. District Judge Lewis Kaplan in Manhattan. He was convicted in November for orchestrating what prosecutors labeled one of the most significant financial frauds in American history.
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
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.
At that time, there were 328.9 million FTT in circulation, representing the total supply. This gave it a market cap of around $622.0 million, making it the 141st largest crypto by that metric.
FTX Token Price Analysis
The FTT token experienced a remarkable recovery of over 500% between October and December 2023, reaching a high of $6. From there, it fell by more than 70%, coming to a low of $1.55 on February 7.
Another recovery started with a chance of being the next starting bull phase, but despite being above its most recent low, its future trajectory hinges on whether it can rebound from the $1.40 mark, potentially initiating a new uptrend.
On March 6, it made a high of $3, however, it made a downturn, falling to $1.7 on March 20, which was an interaction with an ascending support level. Now this structure from February 7 looks like it will end as a head and shoulders pattern.
As the price is now once again at the ascending support a breakout to the downside is expected. Our next target is the horizontal level of $1.40, but if the descending momentum intensifies FTT could continue falling to the $1 area again.
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 March 29, 2024, one wallet held 59.55% of the supply of FTT.
Richest FTT Wallet Addresses
As of February 7, 2024, the five wallets with the most FTX Tokens were
- 0x2a4f8d77bade18256b1bdb3cf8782645037f60d3. This wallet held 195,869,347 FTT, or 59.55% of the total supply.
- 0x97f991971a37d4ca58064e6a98fc563f03a71e5c. This wallet held 45,850,883 FTT, or 13.94% of the total supply.
- 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet, listed as Binance 8, held 34,068,954 FTT, or 10.36% of the total supply.
- 0x77f33da6046a03ebb0e6d33a26cb49bd738774ff. This wallet held 11,661,643 FTT, or 3.55% of the total supply.
- 0xf02e86d9e0efd57ad034faf52201b79917fe0713. This wallet held 8,997,501 FTT, or 2.74% of the total supply.
Fact Box
| Supply and distribution | Figures |
|---|---|
| Maximum supply | 352,170,015 |
| Circulating supply (as of March 29, 2024) | 328,895,104 (93.39% of maximum supply) |
| Holder distribution | Top 10 holders own 93.59% of maximum supply (as of March 29, 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
Here is a chart for the FTX Token Google search volume for the past 90 days. This represents how many times the term “FTX Token FTT” has been Googled over the previous 90 days.
FAQs
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 2024.
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.
