Alameda-Backed Tokens Suffer As FTT Fights To Stay Alive
09 Novembro 2022 - 2:00PM
NEWSBTC
In the wake of the FTX decline, the official token of the crypto
exchange, FTT Token, has suffered a massive blow in the market. In
the three days since Binance’s announced its intention to sell off
its FTT, the token has recorded double-digit losses. However, the
losses have not just been localized to one token, the general
crypto market has suffered for it, but the worst of it has been
reserved for the tokens Alameda Research has invested in. FTT Token
Slumps In what has been a shocking development for the entire
crypto space at large, FTT Token has crashed more than 80% in a
matter of days. The token which was backed by the 2nd largest
crypto exchange has continued to suffer significant setbacks. In
just the last 24 hours alone, the price of FTT is down more than
70%. The token is now trading at levels not seen since 2020. It has
now also hit a new two-year low, making it one of the
worst-performing coins of 2022. Related Reading: Institutional
Outflows From Bitcoin Paints Bearish Picture For Crypto Market The
decline looks eerily similar to that of the LUNA token following
the collapse of the Terra network. In the same vein, the
cryptocurrency has lost billions of dollars off its market cap and
is currently sitting at a fully diluted market cap of $1.5 billion.
FTT token trading at $4.459 | Source: FTTUSD on TradingView.com
Interestingly, the trading volume of FTT is up over 130% in the
last 24 hours as traders try to take advantage of the token. Short
traders have obviously enjoyed the most profit from their
activities as FTT’s price dropped from $19 to $3 in a matter of
hours. Alameda Tokens Not Left Out Alameda Research was one of the
most active firms when it comes to crypto investments, which means
they had their hands in a lot of pots in the space. As FTX is being
brought to its knees, these other tokens have felt the impact of
such a collapse. Solana (SOL) which Alameda is vocally a backer of
has been hit the worst of all tokens besides FTT that the firm
holds. In the last 24 hours alone, SOL price is down more than 34%.
The same is the case for Lido DAO (LDO) which has declined 23% in
the last day. Related Reading: Bitcoin’s Decline Below
$20,000 Proves The Bottom Is Not In Alameda reportedly holds 100
million BitDAO (BIT) tokens and the coin is down 15% in the last 24
hours. 1inch Network has also suffered a similar fate, although to
a lesser extent with only 7% in losses in the last day. All DeFi
protocols that Alameda is invested in including MobileCoin, Serum,
and Liquidity are mostly down double-digits as well. FTX was an
investor in the recently launched Aptos blockchain and the token
has not been left out of the bloodbath. APT is down 30% in the last
day as its price has declined to $4.47 at the time of this
writing. Featured image from Currency.com, chart from
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