The FTX exchange's native cryptocurrency, FTT Token, has experienced a significant increase in value, rising by 55% over the past two days. This surge in price contradicts the anticipated decline following the FTX exchange's relaunch.
The ten largest wallets accumulating $US12.8 million in coins during the past 19 days have contributed to this price increase.
In addition, FTT has shown remarkable growth of 337% over the past month, with a significant portion of these gains occurring in the last ten days, as the team announced plans to resume operations by the second quarter of 2024.
FTX has been actively liquidating assets and transferring substantial funds across various cryptocurrency exchanges, a move that has stimulated increased activity in the cryptocurrency market.
The exchange and its affiliate, Alameda Research, have jointly moved a total of $US474 million in assets. This strategic decision is part of a broader plan to address the exchange's financial obligations and potentially pave the way for a new phase known as FTX 2.0.
The recent activity also coincides with Binance's recent $US4.3 billion settlement with the United States Department of Justice.
In contrast, Binance's BNB token has recorded a 13% decline, reaching $US235, with net outflows over the past seven days totalling $US703.1 million.
Richard Teng, Binance's new CEO, has stated that his immediate priorities will be restoring investor confidence, collaborating with regulatory bodies, and promoting the adoption of Web3.