The FTX Token (FTT) remains a notable digital asset in the cryptocurrency space, even after the collapse of the FTX exchange. This article delves into its current market status, historical context, and essential information for traders and observers.
FTT Price Overview and Market Performance
As of the latest data, the live price of FTX Token stands at approximately $0.821. Over the past 24 hours, it has experienced a trading volume of around $220,982. Despite a daily dip of -2.26%, the token has shown a weekly gain of +6.2%. With a circulating supply of 328,895,103 FTT, its market capitalization is valued at roughly $270.32 million, ranking it #109 among cryptocurrencies.
Key price metrics include:
- 24-hour Range: $0.813 - $0.855
- All-Time High: $85.01 (represents a -99.03% change)
- All-Time Low: $0.698 (represents a +17.48% change)
Periodic performance highlights recent volatility:
| Period | Change ($) | Change (%) |
|---|---|---|
| Today | -$0.02 | -2.26% |
| 7 Days | +$0.048 | +6.21% |
| 30 Days | -$0.246 | -22.98% |
| 3 Months | -$0.28 | -25.36% |
What Was the FTX Token (FTT) Used For?
FTT was originally designed as the central utility token for the FTX exchange ecosystem, offering holders various benefits. While these use cases are largely historical following the exchange's collapse, and FTT now primarily exists as a tradable crypto asset, its past functionalities included:
- Discounted Trading Fees: Users holding a minimum of $100 worth of FTT received reduced fees on trades.
- Rebates and Offers: The token provided rebates on over-the-counter (OTC) trades and could be used to "level up" user accounts on the platform.
- Weekly Airdrops: Holders were eligible for airdrops of other tokens listed on the FTX exchange.
- Collateral: FTT was used as collateral for futures trading and was planned for use in margin trading and Initial Exchange Offerings (IEOs).
- Staking: Users could stake FTT to earn rewards, which included enhanced referral fees, more discounts, voting rights, and tickets for IEOs.
- Token Burns: FTX periodically used a portion of its fees to buy back and burn FTT tokens, a mechanism intended to create deflationary pressure.
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Factors Influencing FTT's Price
Predicting the price of FTT is highly challenging due to its exceptional volatility and unique circumstances. Its value is now predominantly influenced by market sentiment and speculation rather than fundamental utility. Key factors to monitor include:
- Investor Sentiment: News and developments related to the ongoing FTX bankruptcy proceedings significantly impact trader optimism or pessimism.
- Market Speculation: As a token without active ecosystem utility, its price action is heavily driven by speculative trading based on short-term expectations and narratives.
FTT Conversions and Storage
FTT can be converted against various global fiat currencies. Some sample conversions (for illustrative purposes) include:
- 1 FTT to EUR: ~€0.70
- 1 FTT to GBP: ~£0.60
- 1 FTT to JPY: ~¥118.54
- 1 FTT to KRW: ~₩1,120.6
For storage, users can hold FTT on supporting exchange-based custodial wallets. For enhanced security, self-custody options such as hardware wallets or trusted software wallets are also available, though users must diligently safeguard their private keys.
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Frequently Asked Questions
What is the circulating supply of FTT?
The circulating supply of FTX Token is 328,895,103 FTT. The maximum supply is capped at 352,170,015 tokens.
How is the market cap of FTT calculated?
The market capitalization is calculated by multiplying the current circulating supply of FTT by its real-time market price. With a supply of ~328.90 million FTT and a price of ~$0.821, the market cap is approximately $270 million.
How can I convert FTT to cash?
The process typically involves selling FTT on a spot market for a stablecoin like USDT, and then converting that stablecoin into a local fiat currency through a peer-to-peer (P2P) platform or a supported crypto-fiat gateway.
What are the main risks of trading FTT?
The primary risks include extreme price volatility, its reliance on market sentiment rather than utility, and the ongoing legal and financial uncertainties surrounding the FTX estate.
Is FTT still being burned?
The token burn mechanism was a function of the operational FTX exchange. With the exchange no longer functional, the regular burning of FTT tokens has ceased.
Can FTT still be staked?
The staking rewards program was an feature of the FTX platform. In the absence of the operational exchange, there is currently no official mechanism to stake FTT for rewards.