FTT Price Pumps, Dumps as FTX Claims Portal Opens, Then Becomes Unavailable
FTT saw a massive 26% pump from the $1.40s to the $1.80 area on Tuesday in a matter of minutes, before pulling back under $1.60 on Wednesday.
FTT is the utility token of the now defunct cryptocurrency exchange FTX that is currently going through a lengthy, arduous bankruptcy process in wake of its collapse last November.
The token pumped on Tuesday on reports across social media that FTX had launched its online claims portal at claims.ftx.com.
However, just as soon as the portal had seemingly been opened, it became available once again.
Indeed, no official announcement that the online claims portal was open ever came from the official FTX Twitter account.
Rather, the account tweeted a reminder that “all official public communications by the FTX Debtors will come from official company channels” and said the portal was still being finalized.
As a result, initial optimism has been mostly priced out of the FTT token.
Crypto degens looking for a high-risk play might still be looking at the FTT token as a possible trade that could deliver quick returns.
While positive future news about FTX customers getting their funds back, and even the exchange reopening again, could facilitate future pumps, small-cap meme coins offer a much better chance of handing investors exponential gains.
Here are a few new meme coin projects vetted by analysts at Cryptonews.com that could deliver solid upside.
Wall Street Memes, one of the internet’s hottest retail investing communities, rose to prominence in the meme stock craze of 2021 and has recently been expanding its relevance in the cryptocurrency space with the presale of its new $WSM token.
The success of the $WSM presale, which has raised $14.3 million in just over one month, isn’t surprising given the
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