Can FTX’s FTT follow the same parabolic growth as BNB?

The domestic coins of the exchanges have had an impressive year. While Binance Coin (BNB) and Uniswap (UNI) lead the way in this category, there has been constant debate over whether FTX and its FTT token will be included in the big asset ranking.

The question now arises: Will FTT ever be successful?

Like most altcoins, FTT also made a strong recovery in 2021. On top of that, it’s also one of the top performing altcoins out there, up 885% year-to-date and currently trading at $ 55.28 per share.

FTT .Price Chart | Source: Tradingview

What does the on-chain ad say?

An important metric that highlights the significant development is the massive increase in FTT trading volume over the past week. Above any previously recorded average for 2021, the performance for FTT is pretty clear right now.

follow mood, FTT’s on-chain performance is still impressive at the time of going to press.

Source: Santiment

In line with the growing trading volume, FTT-active addresses also reached an all-time high (ATH).

In addition, the FTT held by whales is also at the ATH level. Since then, Santiment has recorded a significant increase in the number of addresses held 10,000 to 1,000,000 FTT. About 36 new whales have added 30% to the ranks of the top FTT hodlers in a relatively short period of time.

Source: Santiment

The recent surge in the number of major investors may seem insignificant at first glance, but When you consider that the average whale holds between $ 560,000 and $ 56 million in FTT, an increase in buying pressure could mean millions of dollars.

The bullish thesis is further confirmed by the network’s growth, which has risen to new all-time highs.

Source: Santiment

Based on the numbers above, there may be a bullish divergence as the overall market shows signs of a downtrend, but an immediate rebound may or may not occur.

However, given some new developments, investors can look out for long-term returns with FTT.