Investors Baffled by FTT 56% Rise

NASSAU, BAHAMAS  – FTT, the FTX exchange token, has risen an astonishing 56.6% in the last 7 days; up from $1.33 on Jan. 10 to $2.74 on Jan. 16; FTT is $2.09 at time of writing. Many crypto analysts, such as CNBC’s Ran Neuner, are baffled by the impressive price action of a bankrupt company’s token. 

Serious Question;
Is there any reason not to short FTT right now? Surely it has to go to zero?

— Ran Neuner (@cryptomanran) January 16, 2023

One popular investor, known as ‘Mac’ on Twitter, tweeted about the perplexing circumstances given that the token’s parent company, FTX, is bankrupt and why the token has not been delisted from exchanges such as Binance which famously sold off all of its FTT holdings just prior to the FTX collapse.

FTT is not the only token linked to a failed company to post gains over the first two weeks of January. Exchange tokens from bankrupt companies Celsius (CEL) and Voyager (VGX) also posted gains over the past week. Since Jan 1, CEL has gained 34%; VGX has gained 36.7%.