FTX’s FTT token rallies 30% — Binance effect or FTX 2.0 reopening?

Amid market uncertainties around Changpeng “CZ” Zhao’s departure as Binance CEO, the in-house cryptocurrency of the FTX crypto exchange, FTX Token (FTT), witnessed a momentary bull run. FTT surged in market value by more than 55% in the past 48 hours and is currently trading at $4.63, reflecting a 30% increase from $3.56.

FTX’s native token is experiencing another surge following Binance’s $4.3 billion settlement with the United States Department of Justice, according to on-chain analyst firm Santiment. This goes against expectations that FTT would fall in price because it’s the new token representing the FTX crypto exchange’s relaunch (FTX 2.0). The token’s value appears to…

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