FTX Token “usurps” Shiba Inu (SHIB) in the top ETH whale wallet, what opportunity for FTT?

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2022-01-12 05:15:22

FTX Token (FTT), the coin of the FTX exchange, has become the top priority asset by the world’s 1,000 largest Ethereum (ETH) whale wallets.

FTX Token “usurps” Shiba Inu (SHIB) in the top ETH whale wallet, what is the opportunity for FTT?

FTT returns to the “kingdom”

According to data from analytics platform WhaleStats, FTT has surpassed Shiba Inu (SHIB) to climb to number one, with $1.5 billion, or 15.1% of the total holdings of all foreign tokens. except ETH. SHIB ranked second with 14.4%, equivalent to 1.39 billion USD.

The most held tokens by the top 1,000 ETH whale wallets.  Source: WhaleStats
The most held tokens by the top 1,000 ETH whale wallets. Source: WhaleStats

At the time of writing, FTT is a rare token that remains green in the midst of a negative market. FTT is trading at $38.25, down about 55% from the peak of $85.74 set in September.

FTT/USDT price chart.  Source: Binance
FTT/USDT price chart. Source: Binance

Looking at the bigger picture, FTT has increased by more than 500% from about 7 USD since January 2021 to current price. However, the above growth is somewhat “modest” compared to other direct competitors, namely Binance Coin (BNB). Therefore, it can be seen that the potential of FTT is still quite large.

“Dear” of FTX exchange

The support of the FTX exchange, the organization behind the development of FTT, is a particularly important factor. Led by CEO Sam Bankman-Fried, the 32nd richest billionaire in the US, with a fortune of 22.5 billion USD and entered the Top 10 Crypto Characters of 2021, FTX has become one of the powerful forces. of the cryptocurrency industry, even though the exchange has only been established within the last 2 years.

The “huge” fundraising deals have created a unique feature only in FTX. In July 2021, FTX broke a crypto investment record when it raised $900 million, with a valuation of $18 billion. After 3 months, FTX continued to raise capital of 420 million USD, raising the company’s valuation to 25 billion USD. Towards the end of the year, FTX.US is set to raise another $1.5 billion at a valuation of $8 billion. If FTX.US’s funding round is successful, the overall value of FTX will be $32 billion.

The above amount will be paid by FTX for activities to expand the exchange’s presence internationally, especially in the US, through various forms of brand promotion, which FTX has done. relatively well in the past year with many of the best quality contracts in the market.

Sports sponsorships include TSM Esports team, North American League of Legends (LCS), American Super Bowl, American Baseball (MLB), Mercedes-AMG Petronas F1 team , Cal Athletics College, NBA Miami Heat and Golden State Warriors basketball teams, American football legend Tom Brady and NBA star Stephen Curry.

In addition, to further its expansion ambitions in the US, FTX has acquired the derivatives exchange LedgerX, a fully licensed options and futures exchange based in the United States of America. . Through the acquisition, FTX will now be able to offer its services in the US market.

An interesting point is that the Coinbase giant in Q3 2021 was completely defeated by FTX. While Coinbase’s net profit dropped by 75%, taking COIN stock taking a hit, FTX.US posted record high revenue in the same time frame.

Besides, FTX is also an exchange that always keeps up with market trends very quickly, from NFT to blockchain games and metaverse. Typically a $100 million fund to invest in blockchain games, the NFT marketplace is now available for users to freely transact, supports NFT on both Solana as well as Ethereum and the metaverse Portals platform, is attracting sympathy from many different giants, for example, Binance.US.

The story of Solana (SOL), a platform supported by Alameda Research and FTX, under the supervision of billionaire Sam Bankman-Fried, how miraculously grew, or the connection between BNB and Binance CEO Changpeng Zhao beyond the imagination of investors have all been proven in the past. But with the meticulous and methodical development plan from FTX, perhaps FTT will not be an exception.

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