Whales are flocking to FTX token
Whales travel the high seas, from the polar feeding grounds, to the tropics where they breed.
Crypto whales, on the other hand, hold large amounts of cryptocurrency.
(But more on them later).
FTX, one of the biggest crypto trading platforms in the world, has their own cryptocurrency, FTX Token.
This isn't exactly ground breaking, plenty of exchanges have done something similar; e.g. Binance's BNB, KuCoin's KCS, Crypto.com's CRO, to name a few.
But there’s one notable difference between FTX Token, and almost all other cryptocurrencies right now:
It's become a feeding ground for crypto whales.
The amount of Ethereum whales who have purchased FTX Token has skyrocketed over the past 48hrs - with the average order value climbing to $71,590.
So what gives? Why the sudden run up in price?
There could be a bunch of reasons, but our guess is a painfully simple one:
People are really starting to believe in FTX, and its founder, Sam Bankman-Fried (SBF).
Which sounds vague, but we've seen it before with projects like Dogecoin...
Elon tweeted about it → people started to believe in it → they bought it → the price went up.
The coin didn't start doing anything different, but the collective belief in it changed.
...and given FTX & SBF have been in the news almost daily of late, this building momentum behind FTX Token starts to make sense.
(Hell, we were talking about FTX's offer to bailout Voyager, just yesterday).
Where to from here? No idea.
But if all it does is encourage SBF to do more good things within the crypto community, we're all for it.
