Bankrupt FTX’s native token FTT is one of the best-performing digital assets in the last 24 hours, surging by over 48% to $2.58, according to CryptoSlate’s data.
The embattled exchange token has risen by more than 170% on the seven days metrics. The impressive price performance has pushed it to its highest level since FTX filed for bankruptcy in November 2022 –the token plunged below $1 in December 2022, trading at that level until Jan. 10 2023.
Meanwhile, despite the rapid gain, the token is still 97% down from its all-time high of $84.
Crypto community can’t explain FTT’s increase
Several analysts within the crypto community are perplexed by FTT’s green run, with many wondering why top exchanges have not delisted the token.
Crypto investor Mac said:
“[There is] not a single other place in the world you will find stocks of businesses that committed fraud and went bankrupt pump several hundred %. Meanwhile $FTT still not delisted from Binance and x3 from the lows. and you wonder why regulators hate us?”
Another crypto trader Ran Neuner asked if there was no reason to short FTT now. According to Neuner, the token “surely has to go to zero.”
Other embattled tokens rise
Besides FTT, the native token of bankrupt crypto lenders Voyager’s VGX and Celsius’ CEL have also posted gains in the last 24 hours.
Voyager’s VGX jumped 11% in the last 24 hours to $0.4247 as of press time. The beleaguered lender’s token has surged by over 37% on the seven-day metric and 41% in the last 30 days.
On the other hand, Celsius’ CEL posted a meager gain of 1.28% in the last 24 hours. Compared to its rivals, CEL recorded a modest increase of 13.68% in the previous seven days and a 30% rise over the past month.