FTT Token Rises 25% After Sam Bankman-Fried’s Unexpected ‘gm’ Post
The FTX Token (FTT) experienced a significant surge in activity and price following a social media post from Sam Bankman-Fried's account, despite his incarceration. The token rose nearly 24% in 24 hours, with speculative trading driving its price up to $1.20-$1.23 before settling around $1.014.
- The post, a simple "gm," was reportedly made by a friend on behalf of SBF.
- FTT trading activity increased sharply, with active addresses reaching 201 from a monthly average of 56.
- Centralized exchange deposits doubled, and withdrawals quadrupled compared to monthly averages.
The crypto community reacted with mixed emotions, including anger and humor, reflecting ongoing resentment towards FTX's collapse and the losses incurred by investors.
- The surge highlights market psychology's influence over substance regarding the FTT token.
- This is not the first such incident; a similar reaction occurred when SBF's account posted in early 2024.
- The FTX Recovery Trust plans a $1.6 billion payout to creditors, the third major payout since the exchange's collapse.
The event underscores the sensitivity of FTT's value to news related to its controversial founder.