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The price of FTX (FTT) is up 17% in the past 24 hours as its parent exchange continues the Chapter 11 bankruptcy process. Despite this rebound, FTT remains down 92% in a week and 98 % since its all-time high of $84.18, down in September 2021.
While Chapter 11 bankruptcy formally creates the possibility for a company to continue operating after a restructuring, the strongest outcome remains the permanent closure of FTX once as many of its creditors as possible have been compensated. This implies that the FTT will sooner or later reach zero.
However, while traders have now lost what once appeared to be a “safe” altcoin, other more viable trade-related coins are becoming available. This includes Dash 2 Trade (D2T), an Ethereum-based trade intelligence platform that is currently hosting its pre-sale.
FTX Token Could Fall to Zero
FTT’s chart shows that, even with today’s bounce, it remains a coin in terminal decline. Its Relative Strength Index (purple) is around 15, which would normally indicate that a coin is heavily oversold, but in this particular case it would indicate that a coin is dying after being grossly inflated.
Likewise, FTT’s 30-day moving average (red) has effectively fallen off a cliff from its 200-day moving average (blue), and currently shows no signs of stopping.
Given the situation surrounding FTX, there is no valid reason to believe that FTT will stop declining anytime soon. FTX declared bankruptcy after failing to find an investor or another exchange to bail it out, and more unflattering details continue to come to light with each passing day.
Most impressive, a report of the New York Times revealed that the failed exchange didn’t really have a board of directors, with CEO Sam Bankman-Fried really being the only individual in the company with executive responsibility.
This too it turned out that about $1 billion in FTX client funds are now missing after the exchange transferred around $10 billion of those funds to its parent company Alameda Research (also bankrupt), which had placed highly speculative investments in the cryptocurrency market.
In light of these details, the odds of FTX recovering and once again becoming a functioning – and trusted – exchange would seem close to zero. This would therefore indicate that the FTT is going in the same direction.
Experts think this coin could get all the attention
While FTT is now more or less destroyed as a viable investment, other new coins are already launching with the potential to take its place. One of the most promising is undoubtedly Dash 2 Exchange (D2T), an Ethereum-based trade intelligence platform that launched its pre-sale in mid-October and has now raised over $6 million.
There are several reasons why Dash 2 Trade is already doing well. First, it has already confirmed exchange listings for its native D2T token, with BitMart and LBANK Exchange announcing that they will open trading for the coin in Q1 2023, around the end of its sale.
More fundamentally, Dash 2 Trade is proving popular with investors because of what its platform offers. In particular, it offers a wide range of real-time market analysis and social trading data, helping investors stay ahead of the market.
As Dash 2 Trade White Paper outline, its platform will offer the following tools:
- Trading signals to indicate buying and selling opportunities
- Social sentiment metrics and on-chain analysis that help identify trending pieces
- Strategy building and social trading tools, helping investors adapt new trading strategies
- Access to cryptocurrency presales
- Alerts for new cryptocurrency listings on exchanges
Although Dash 2 Trade offers a free version of its dashboard, most of its features will only be available to users who subscribe to one of its two subscription plans.
At 400 D2T per month, the Starter Tier will provide users with access to various social channels, as well as the ability to leverage automated trading tools and strategy building tools. At 1000 D2T per month, the Premium tier covers the full suite of tools, including on-chain data, whale portfolio alerts, and professional-grade market indicators.
This use of D2T as a payment method for Dash 2 Trade subscriptions means that the altcoin will have a strong use case from the outset. By extension, this means that the larger the platform grows, the higher the price of D2T will rise, with the coin potentially becoming deflationary as it has a maximum total supply of 1 billion.
The fact that he was born from Learn2Tradea forex signal provider that already has a community of over 70,000 active traders.
Dash 2 Trade has already gone some way towards replicating that popularity, seeing how it has already attracted more than 45,000 users on Twitter. This bodes very well for his future.
Interested investors can participate in its token sale by visiting the website and connecting their MetaMask or Wallet Connect cryptocurrency wallets before using Ethereum (ETH) or Tether (USDT) to purchase D2T.