FTT, the token of bankrupt exchange FTX, saw an unexpected 50% rally despite having no utility since FTX’s collapse in 2022. This surge comes as FTX begins its $16 billion repayment process to defunct users, which has sparked speculation and injected liquidity into the market. While FTT’s rise surprised many, analysts warn it’s driven by pure speculation, with no real utility backing it, making it akin to a meme coin.

Some predict short-term gains due to the influx of liquidity from repayments, but experts like Saladaz caution against a potential “scam pump,” a brief uptick followed by a sharp correction. While some traders see a target price of $3.8 for FTT, others believe it will drop below $1 by year’s end, given FTX’s platform is gone for good.

The FTT rally showcases the power of crypto hype, but traders should be cautious as its long-term outlook remains bleak. Show Less