Cryptocurrency analytics platform Santiment recently tweeted about the ongoing rally being experienced by FTT, the native token of the FTX cryptocurrency exchange. According to Santiment, “Those who took a chance on $FTT continue to be rewarded, with a second rally for #FTX’s native token coming after yesterday’s #Binance news.”
The price boost for FTT comes on the heels of news that major exchange Binance has reached an agreement to acquire its rival FTX, which has been facing liquidity issues. The acquisition news led to initial gains for FTT yesterday.
However, Santiment points out that FTT’s price has continued to climb today. They attribute this second leg up to an accumulation of FTT by the 10 largest wallets on the network over the past 19 days. Specifically, these major holders have accumulated $12.8 million worth of FTT coins during this time period.
The buying activity from whales and other large holders seems to be signaling continued confidence in FTT even amid the turmoil FTX has experienced lately. The coin now changing hands under Binance’s ownership may also be providing stability.
It remains to be seen how both exchanges integrate operations and whether Binance implements any changes around FTT in the future. But for now, Santiment’s data shows big investors are still building up positions in FTX’s native currency amid its latest significant price run.