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The global cryptocurrency is plunging today, and one of the biggest losers is the FTT token. FTT is down by 73% in the last 24 hours, and at the time of writing, it was trading at $4.52. FTT’s decline comes amid the weak financial position of the FTX exchange.
Is FTT the next LUNA?
In May 2022, LUNA’s price witnessed a massive drop to $0 after the TerraUSD stablecoin lost its peg. Before its collapse, LUNA was one of the top ten largest cryptocurrencies by market capitalization. The decline caused billions of dollars worth of losses to investors.
The current trend being taken by FTT is similar to the one followed by LUNA earlier this year. In the past 24 hours, FTT has dropped from $19 and $4, indicating an over 70% loss. The token’s 24-hour low currently stands at $3.12, according to CoinGecko.
The plunge is also affecting the FTT market cap, which has now declined to around $591 million. The token now ranks as the 70th largest cryptocurrency by this metric. The recent losses have seen FTT dropping 94% from its all-time high of $84 created in September last year.
FTX’s liquidity crunch
The drop in the FTT token comes amid a liquidity crunch at the FTX exchange, which issues the token. Amid the liquidity issues, the CEO of FTX, Sam Bankman-Fried, said that he had reached a deal with Binance to process user withdrawals at 1:1. The Binance CEO, Changpeng Zhao, has also said that the exchange had secured a non-binding agreement to acquire FTX.
The woes surrounding the FTX exchange also come after a leaked balance sheet showing that Alameda held many FTT tokens. The revelations raised concerns over the liquidity of the company.
CZ had also earlier revealed that Binance would liquidate its entire FTT portfolio because of “recent revelations.” A day before Bankman-Fried said that his exchange was seeking Binance’s help, he had assured users that all their assets were safe.
Three altcoins to buy today
If you are looking for the best cryptos to invest in for the next altcoin season, you might consider Dash 2 Trade, IMPT, and Calvaria.
Dash 2 Trade is currently in one of the biggest presales of this year. Dash 2 Trade is an analytics and intelligence terminal that crypto investors can use to get pointers about the best crypto assets to buy and sell. The Dash 2 Trade presale has raised more than $5.77 million.
The second presale with huge upside potential is IMPT. IMPT.io is a project that will mint carbon credits in the form of non-fungible tokens (NFTs) to support the reduction of carbon emissions. as a green crypto, the IMPT presale is exploding, and it is in the second stage, where it has raised more than $12.56 million.
The third presale to consider investing in today is for Calvaria. Calvaria is a new platform supporting a play-to-earn game known as Duels of Eternity. In this game, players create unique cards and battle each other within a virtual world. RIA, the token powering the Calvaria ecosystem, has raised more than $1.65 million.
Related
- How to Buy FTX Token in 2022 – Where to Buy FTT
- Crypto Prices Crashing as FTX Insolvency Rumors Swirl
- Binance is buying FTX
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