FTX Token Could Be Going to Zero But Experts Believe This Trading Coin Could Take All The Attention
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
The price of FTX (FTT) has risen by 17% in the past 24 hours as its parent exchange continues the process of chapter 11 bankruptcy. Despite this bounce, FTT remains down by 92% in a week and by 98% since its all-time high of $84.18, set back in September 2021.
While Chapter 11 bankruptcy formally creates the possibility of a firm continuing operations following a restructuring, the strongest outcome remains FTX being closed permanently once as many of its creditors have been compensated as possible. This implies that FTT will sooner or later hit zero.
However, while traders have now lost what once seemed like a ‘safe’ altcoin, other, more viable trading-related coins are available. This includes Dash 2 Trade (D2T), an Ethereum-based trading intelligence platform that’s currently holding its presale.
FTX Token Could Be Going to Zero
FTT’s chart shows that, even with today’s bounce, it remains a coin in terminal decline. Its relative strength index (purple) hangs around 15, which would normally indicate that a coin is heavily oversold, yet in this special case, would indicate that a coin is dying after being grossly inflated.
Similarly, FTT’s 30-day moving average (red) has effectively fallen off a cliff relative to its 200-day average (blue), and currently shows no sign of stopping.
Given the situation surrounding FTX, there’s no strong reason to believe that FTT will stop declining anytime soon. FTX has declared bankruptcy after it failed to find an investor or other exchange to bail it out, and more unflattering details continue to come to light with each passing day.
Most impressively, a report from the New York Times revealed that the failed exchange didn’t really have a board of directors, with CEO Sam Bankman-Fried really the only individual at the firm with executive responsibility.
It also emerged that around $1 billion in FTX customer funds are now missing after the exchange transferred around $10 billion in such funds to its parent company Alameda Research (also bankrupt), which had been placing highly speculative investments throughout the cryptocurrency market.
In light of such details, the prospects of FTX ever recovering and becoming a functioning — and trusted — exchange again would seem close to nil. This would therefore indicate that FTT is going the same way.
Experts Believe This Trading Coin Could Take 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. Arguably one of the most promising of these is Dash 2 Trade (D2T), an Ethereum-based trading intelligence platform that launched its presale in mid-October and has now raised over $6 million.
There are various reasons why Dash 2 Trade is already doing well. Firstly, it has already confirmed exchange listings for its native D2T token, with BitMart and LBANK Exchange announcing that they will be opening trading for the coin in Q1 2023, around the time its sale ends.
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 analytics and social trading data, helping investors stay ahead of the market.
As the Dash 2 Trade whitepaper outlines, its platform will offer the following tools:
- Trading signals to indicate buy and sell opportunities
- Social sentiment metrics and on-chain analysis that help identify trending coins
- Strategy building and social trading tools, helping investors adapt new trading strategies
- Access to cryptocurrency presales
- Alerts of new cryptocurrency listings on exchanges
While Dash 2 Trade does offer a free-to-use version of its dashboard, the bulk of its features will be available only 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 harness automated trading tools and strategy-building tools. At 1000 D2T per month, the Premium Tier covers the full range of tools, including on-chain data, whale wallet alerts, and professional-grade market indicators.
This use of D2T as the means of payment for Dash 2 Trade subscriptions means that the altcoin will have a strong use case from the get-go. By extension, it means that the more the platform grows, the higher D2T’s price will become, with the coin potentially becoming deflationary insofar as it has a total maximum supply of 1 billion.
⭐️ REVOLUTIONARY PRESALE INVESTORS TOOL ⭐️— Dash 2 Trade (@dash2_trade) November 8, 2022
On our platform you can find an overview of pre-sale tokens that provide insight on unique projects.📈
Check out our website to learn more ⬇️https://t.co/ExvBBjKIU6 pic.twitter.com/zYobgYGxLa
Supporting the view that Dash 2 Trade will become a popular platform is the fact that it has sprung out of Learn2Trade, a forex signals provider that already boasts a community of more than 70,000 active traders.
#D2T is designed to take your #crypto trading to the next level. 🚀— Dash 2 Trade (@dash2_trade) November 10, 2022
From providing you with technical indicators and signals to powerful on-chain data and #trading strategies. Dash 2 Trade helps you stay on top of the market.
CHECK IT OUT! ⬇️https://t.co/ExvBBjKIU6 pic.twitter.com/zbuqW9gfx0
Dash 2 Trade has already gone some way towards replicating this popularity, seeing as how it has already attracted over 45,000 users on Twitter. This bodes very well for its future.
Interested investors can participate in its token sale by visiting the website and connecting their MetaMask or Wallet Connect cryptocurrency wallets before using either Ethereum (ETH) or Tether (USDT) to buy D2T.