FTT, the token of the now defunct FTX exchange, has taken an incredible beating over the past year as the exchange went bankrupt, destroying the lives of thousands of people and creating a $6.8 billion deficit.
But recently, the FTT price has been moving up. What could be causing this? Is there FTT news pushing the FTT price upward?
Let’s dig in.
The FTT token was used as a payment method for the FTX exchange in order to reduce fees payable and provide collateral also for margin loans.
The CoinMarketCap blurb for the FTT token is all the more (or less) amusing, given the entire collapse of Sam Bankman-Fried’s (SBF) empire:
“FTX is backed by Almeda Research, which is known as one of the leading companies in crypto trading and one of the largest liquidity providers.
As such, FTX is a product designed by professionals with confirmed expertise in the industry. They cover multiple services: from collateral to maintenance margin to liquidation processes and product listing. FTX also claims to be focused on fast development cycles, allowing them to deploy crypto trading systems at a competitive pace.”
Even Alameda is spelled wrong on the listing.
Given the diabolical running of the various companies associated with FTX and Alameda, alongside the likely yet unproven embezzlement of funds, it is hard to see any positive news or light at the end of the tunnel.
According to Reuters, the exchange is still squabbling with liquidators over which assets belong to which division of the company, potentially in a bid to hold onto as much as possible and repay as little as possible to investors.
It is highly likely the FTT price action is simply due to speculators trading technical analysis on the chart rather than considering that the token itself is bound for the garbage heap.
Investments Worth Making
Those buying FTT instead of going to therapy should perhaps close the FTT price chart and look towards a project that is bringing something new to the markets.
Avorak AI is a project looking to bring automated systems to the general public in an easy and affordable way, allowing everyone to improve workflow and profitability and even start up a new business.
Avorak’s product list will begin with a full trading bot suite. This suite will perform hundreds of simulated trades to analyze the most effective indicators for assets and apply these to future trades in an effort to increase risk management, trade win percentage, and apply correct trade sizing.
After that, image generators and AI writing tools will be released. Then the products will expand further into creative and financial assistance.
To use these features, those wishing to participate must pay the fees using the AVRK token at the equivalent USD price. This means that the more demand for Avorak products there is, the more buying pressure is on the AVRK token itself.
This correlation will likely cause AVRK to outperform the market, especially as new and additional products are released over time.
So forget chasing price pump and dumps like FTT, and start looking at actual use cases and longevity for your investments.
Want to learn more about Avorak AI?
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