FTX token is the native coin of the popular crypto exchange by the same name. The cryptocurrency market is filled with tokens which is why the underlying of crypto is essential when it comes to gauging its patenting. Similarly, exchange-based tokens’ value is closely tied to their respective exchanges. In this case of FTX, there are several major developments going on the exchange’s part which are expected to have a trickle-down effect on the token as well. Hence, users are expecting the token might surge soon.
FTX super bowl debut
The Super Bowl is one of the most anticipated games of the National Football League in the United States as this is the playoff for the championship. This year the crypto bandwagon has jumped into NFL through the Super Bowl which is a testament to the growth of the industry and its ever-expanding scope. Popular cryptocurrency exchanges have entered the mainstream frame of football through advertising. eToro, Crypto.com, FTX, and Coinbase were some of the major names to run ads during the games.
The crypto exchange FTX had also bought a spot for advertising during the games. The ad ran for two minutes and regarded the exchange to be one of the innovations of the modern world. Moreover, the exchange is also holding a massive Bitcoin giveaway.
What else is going on?
The FTX exchange in the US is going full-force with expanding its scope in the country. The exchange cemented its reputation to a larger extent through its Super Bowl advertisements and collaborations. The exchange currently only offers spot trading for cryptocurrencies which puts some limitations on its growth. However, the team is planning to offer other products soon like crypto derivatives and stock trading platforms as well.
The FTX token had been bearish during the week as the price had been on a downward roll; however, the recent developments are expected to help it reverse its trend. The downtrend had continued in the daily timeframe as well as the token declined by nearly 3% during the day while the trading volume has been surging upwards – with a gain of more than 50%. At the time of writing, the crypto stands at a price level of $43. According to the estimates of Wallet Investor, the token is expected to be operating at a price level of $84 in a year’s time while the five-year projection places it at $240.
