Research: FTT token active addresses close to 0 for the entirety of 2022

1 year ago

Active addresses transacting with FTX’s FTT token person been adjacent to zero passim 2022, according to Glassnode information analyzed by CryptoSlate. Before Binance announced a imaginable FTX acquisition, it appears the token has been comparatively inactive on-chain.

Given that astir enactment connected exchanges happens off-chain and FTT is the autochthonal token of FTX, it is apt that astir users clasp FTT tokens successful custodial wallets connected FTX alternatively than successful acold storage. Furthermore, the deficiency of progressive addresses supports this thesis, arsenic retail investors with assets connected FTX volition not beryllium counted toward progressive addresses connected chain.

The token was trading astatine $38 successful January and deed a precocious of $53 successful March. It fell to astir $30 by May and past traded wrong a scope of $21 to $32 until Nov. 6, erstwhile rumors began to dispersed astir a imaginable liquidity issue.

The rumors began implicit the play of Nov. 6-7 erstwhile Binance CEO CZ announced that the institution would beryllium liquidating its FTT tokens. New addresses interacting with the FTT token spiked aft the new, though FTX owns 99.6% of the full supply.

As of property time, FTT is present trading astatine conscionable $5.20 amid utmost volatility connected a time erstwhile it deed a precocious of $20 and a debased of $2.60.

Before October, 60% of the FTT proviso was held successful astute contracts, but this has fallen to astir 5% arsenic the marketplace got spooked by the onslaught of revelations astir FTX. However, FTT unfastened involvement and 24-hour measurement spiked to the highest levels this twelvemonth during the aforesaid period.