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FTT, the token of bankrupt FTX, rallies 50% today. Can it sustain gains in October? Plus, Crypto All-Stars’ new “MemeVault” launches.
FTT, the native token of the bankrupt crypto exchange FTX, has seen a 50% rally today despite no longer having any utility. Will it generate more gains in October? Let’s take a look.
FTT surges on FTX repayments, traders take huge gamble
An FTT recovery was probably not on most people’s lists of things to happen in 2024. After the implosion of FTX in 2022, the FTT token has been sidelined from any notable trading activity.
But the FTX repayment process is beginning this week, which will see defunct users receive $16 billion.
The rise of FTT is completely unexpected, however. The last thing most ex-FTX users will do is invest in the platform’s native token, which played a big part in their losses.
However, given its significant rally, the market is clearly betting on some liquidity returning to FTT. Yet since FTX is no longer in use – the FTT token is essentially a meme coin – it has no utility or underlying purpose.
But unlike other memecoins, no one is laughing about FTT.
While most memecoins hold intrinsic value as community tokens, there is literally no use for FTT besides pure speculation. It’s a bubble waiting to burst.
There may be some near-term relief, especially with the tailwind of a $16 billion liquidity injection into the crypto market.
Analysts expect crypto prices to rally on the FTX repayments, and some of this liquidity could trickle into FTT. However, unlike fundamentally solid projects, there is no catalyst that will give FTT a second boost once the music stops.
In the short term, analyst Saladaz says FTX could produce a “scam pump.”
He’s referring to an explosive but brief uptick, followed by a strong downward correction.
Meanwhile, Captain Faibik looks toward $3.8 as a potential target for FTT.
FTT is popular today because of the FTX repayments, but that will only take it so far. And with the FTX platform never returning, it’s unlikely that FTT will either.
Although analysts point to short-term gains, FTT will probably be back below $1 before the year’s end. Those who take the FTT trade should tread carefully.
However, its recent success underscores the power of crypto narratives. When enough people support an idea, it can cause significant price growth in short periods of time.
And with that in mind, another project to consider is Crypto All-Stars. It’s also a memecoin, but STARS is underpinned by a strong narrative – providing utility to all the top memecoins.
Crypto All-Stars’ memevault lets users stake DOGE, SHIB, PEPE – next 10X crypto?
Expectations are high for Crypto All-Stars. The project is building the world’s first “MemeVault.”
This is a unified staking protocol that lets users stake top memecoins like Dogecoin, Shiba Inu, Pepe, Floki, Mog Coin, Bonk, and more.
Users must hold STARS tokens to access the vault, which provides tangible utility that will translate to long-term demand.
They can also stake their STARS tokens for even more rewards. Currently, STARS staking offers an 817% APY, but this will decrease over time.
The project is currently undergoing a presale, enabling investors to participate from the ground floor.
It has raised $1.8 million so far, reflecting strong support from investors.
Meanwhile, leading industry analysts are also backing it. ClayBro recently told investors to “prepare for 10x gains.”
ClayBro underscored the potential of STARS as a unifying token across all the top memecoin communities.
Currently, Crypto All-Stars presale is ongoing and priced at $0.001471. However, this price will likely rise throughout the campaign, with the next increase in one day.
For more information, visit Crypto All-Stars presale website.
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