FTT Jumps 36% amid Pudgy Penguins Rewards for FTT Holders

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As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by the recent surge in the price of FTT, the native token of the troubled exchange FTX. Despite the ongoing bankruptcy proceedings and potential liquidation of FTT tokens to pay creditors, the demand for this controversial asset has returned with a vengeance.

As the crypto market surges, reaching an all-time high of $103,647 for Bitcoin, my interest in the elusive token FTT is reignited. Today, it’s sharing the spotlight with Worldcoin and JasmyCoin. The latter two are also on the rise, making waves alongside FTT. Intriguingly, FTT has proven to be a top performer over the past 24 hours, with a market cap of $157.62 billion, a 24-hour volume of $3.9% and a price of approximately $98,683. Worldcoin and JasmyCoin are also worth mentioning, with their own impressive stats: Worldcoin at $3.89, a 14.6% volatility, a market cap of $2.88 billion, and a 24-hour volume of $2.46 billion; and JasmyCoin at $0.0507, a 3.5% volatility, a market cap of $2.45 billion, and a 24-hour volume of $2.35 billion. The crypto game is heating up!

Contrary to the market’s assessment that the FTT token is worthless, it has surprisingly soared by 36% over the past 24 hours. At present, the FTX token boasts a market capitalization of $1.23 billion, and trading activity has significantly increased by an impressive 668%, with volumes now reaching $325 million.

In light of the current FTX bankruptcy proceedings and distribution of funds, it’s expected that the FTT tokens may be sold off by the estate to settle debts with creditors. This could potentially set up a situation where new crypto investors might get trapped in a bear market, as prices may drop due to an oversupply of these tokens.

FTT Price Rally Marks Wedge Breakout

Over the past four days, the price of FTT has consistently increased (bullish trend), and it has surged by an impressive 65% from its 7-day low at $2.2394.

Source: Tradingview

In simpler terms, the daily chart of FTT showed an upward-sloping wedge shape where two lines indicating price direction were gradually coming together. This pattern started at the support line, and since then, there’s been a surge in price movement, signifying a powerful uptrend or breakout.

Breaking through the daily resistance level, Filecoin (FTT) experienced a 7.37% increase today, reaching a peak of $4.40 – its highest point for the year so far on the troubled crypto exchange.

As the need grows stronger, the 50-day and 200-day Exponential Moving Averages (EMA) are experiencing what’s known as a ‘golden cross’. Additionally, the Moving Average Convergence Divergence (MACD) and signal lines have risen to form positive bars that seem to stretch towards the heavens.

According to the volume profile analysis, the current FTT price falls within a period of high trading activity that spans from approximately $3.55 to $3.76. If the day ends with a bullish close above $3.76, it might lead us on an upward trajectory towards the next significant range of high volume, starting at around $4.72.

Pudgy Penguins to the Rescue

Just now, the Pudgy Penguins group unveiled the debut of their native token called PENGU. This token will eventually be available on the Solana platform, and its total issuance has been set at a quantity of 88,888,888 units.

Approximately a quarter (25.9%) of the tokens will be allocated to the Pudgy Penguins community, about a fourth (24.12%) will go to other communities, while the team and company retain approximately three quarters (29.28%) of the supply. Additionally, 12.35% of the tokens will be set aside for liquidity support.

Approximately 8.35% of the total supply is set aside for marketing initiatives, community projects, and incentives for FTT token owners. This unexpected decision has been a significant contributing factor to the increasing trading activity surrounding the FTT token.

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2024-12-06 11:54