FTT Token Surges 36% as Pudgy Penguins Launches Official Token
As the crypto market experiences growth, Bitcoin (BTC) has reached an all-time high of $103,647, leading to increased interest in the FTT token. Alongside Worldcoin and JasmyCoin, FTT is one of the top performers in the last 24 hours.
Despite indications that the FTT token lacks utility, its price surged 36% in the past day. Currently, the FTX token's market cap stands at $1.23 billion, with trading volumes rising 668% to $325 million.
Given the ongoing FTX bankruptcy proceedings, there is a possibility that FTT tokens will be liquidated to settle debts, posing risks for new investors.
FTT Price Rally Marks Wedge Breakout
The recent bullish momentum has resulted in four consecutive days of price increases for FTT, recovering by 65% from a 7-day low of $2.2394.
Source: Tradingview
The daily chart indicates that FTT formed a rising wedge pattern characterized by two ascending trendlines. The breakout occurred after bouncing off the support trendline, driving momentum upward.
After surpassing the resistance trendline, FTT recorded an intraday gain of 7.37%, reaching a 24-hour high of $4.40, representing a new swing high for the token in 2024.
With increasing demand, the 50-day and 200-day EMA lines have experienced a golden crossover. Additionally, the MACD and signal lines are showing strong bullish trends.
According to the volume profile, FTT is currently trading within a high-volume range of $3.55 to $3.76. A close above $3.76 could lead to further gains towards the next volume range starting at $4.72.
Pudgy Penguins to the Rescue
The Pudgy Penguins team recently announced the launch of their official token, PENGU, which will be listed on Solana with a total supply of 88,888,888 tokens.
Token distribution includes 25.9% for community accounts, 24.12% for other communities, 29.28% retained by the team and company, and 12.35% allocated for liquidity support. The remaining 8.35% will be used for marketing, public projects, and rewards for FTT holders, contributing to the increased trading volume of the FTT token.