The FTX token, on the time of writing, was buying and selling at $27.54 and witnessed a spike of 1.54% within the final 24 hours.
The token affords a bunch of utilities and is backed by one of many greatest centralized exchanges within the crypto area. Now, as an investor, you may ask- Might this token be a protected guess in the long run?
Searching for a solution
There’s a chance that it is perhaps a great funding for the long run. It’s because FTX, particularly in the previous couple of days, has been exhibiting excessive market cap dominance.
Supply: Messari
Regardless of volatility across the transaction worth of the FTX token, the metric is at the moment on the rise.
This merely signifies that extra merchants have an interest on this token.
One other optimistic influence of shopping for the FTX token might be that many utilities are granted to the token holders.
Token holders must pay decreased buying and selling charges. They’ll additionally use the token as collateral towards their bets. And, customers can stake their tokens for a yield as nicely.
Although there have been some positives of the FTX token, there was some degree of criticism as nicely. The unfavorable and optimistic sentiments are depicted within the chart given under.
One of many most important causes for the criticism was really from the Celsius quick squeeze group that has voiced their grievances towards FTX.
Moreover, a cause for the resentment towards the FTX group is their stance against zk money. Nevertheless, issues haven’t been all that unhealthy for the FTX staff.
FTX is reported to have grown over 1000% in revenue solely in 2021.
To the moon?
Even in a bear market, FTX has managed to carry out outrageously nicely towards its opponents.
Although the FTX token hasn’t seen comparable development, the worth does have the backing of one of many greatest exchanges on the earth. And, it might be thought-about as a protected guess for somebody seeking to purchase an inexpensive and protected asset for the long run.