FTT Token Experiences Significant Surge Following Tweet from Sam Bankman-Fried’s Account
- The FTT token spiked nearly 60% after a tweet saying “gm” was posted from Sam Bankman-Fried’s account.
- The token reached an intraday high of approximately $1.23, a rise of about 30%, before settling around $0.98.
- Despite the pullback, FTT remains up about 20%, marking a weekly increase of around 23% and nearly a monthly gain of 12%.
- Daily trading volumes surged by 670% to $69.9 million, while open interest in FTT futures rose by 37% to $3.58 million.
- A follow-up clarified that the tweet was made by a friend managing the account on Bankman-Fried’s behalf due to his incarceration.
The recent activity surrounding FTT highlights its volatility and connection to news about its former founder, who is currently incarcerated and has limited communication options. This surge comes as the FTX estate prepares for a $1.6 billion payout to creditors under its Chapter 11 restructuring plan.
The FTT token’s price increase underscores how market movements can be influenced by social media activity, with trading volumes reaching $69.9 million following the tweet.(Source)
