Despite no utility, FTT’s rally reflects lingering investor fascination with FTX’s legacy.
FTX Token (FTT), the native token of the now-defunct FTX exchange, experienced a dramatic 60% price increase within hours early Wednesday.
The token surged after Sam Bankman-Fried’s (SBF) X account put a post.
SBF is the former CEO of FTX currently in jail.
The surge to an intraday peak of $1.21 also came as FTX Recovery Trust sued Genesis Digital for $1.15 billion.
FTT price hovered over $1 on Monday and Tuesday, mirroring crypto turbulence this week.
However, it exploded well above the psychological level on Wednesday.
The catalyst for the sharp price movement appears to be a two-letter post “gm,” shorthand for “good morning”, that Sam Bankman-Fried posted on September 24, 2025.
SBF, jailed for his role in the collapse of FTX, looks to be a massive shadow looming large across the market as his post quickly garnered nearly 4 million views.
The FTT price jumped as a frenzied speculative trend picked up momentum.
Some market participants interpreted it as a signal of potential developments in FTX’s bankruptcy process, while others viewed it as a nostalgic nod to SBF’s influence in the crypto space.
A 60% spike to $1.21 separated FTT from the overall picture of a broader market downturn.
Prices pared gains after the X account posted again a few hours later.
Despite this, FTT price remained near $1 and was up 19% in the past 24 hours at the time of writing.
Notably, the price surge also came as FTX Trust sued Bitcoin mining firm Genesis Digital over a $1.15 billion asset investment that SBF made.
In a filing submitted Monday to the US Bankruptcy Court for the District of Delaware, the FTX Recovery Trust launched a complaint against crypto mining firm Genesis Digital Assets (GDA), its affiliates, and two of its co-founders.
The action is part of efforts to reclaim $1.15 billion in what it described as “commingled and misappropriated funds.”
The filing alleges that the funds are directly connected to former FTX chief Sam Bankman-Fried’s “fraud on customers and other creditors” during 2021 and 2022.
FTT’s price currently stands at $0.9704, with a 24-hour trading volume of approximately $17.64 million.
The token’s market capitalization is reported at $272.9 million, reflecting a circulating supply of 328.89 million FTT.
The token’s long-term viability remains questionable, as it no longer serves a functional role and may face liquidation to settle creditor claims in FTX’s ongoing bankruptcy proceedings, set to distribute $1.6 billion.
FTT could breach $1.21 again and target $2 amid overall volatile trajectory for altcoins.
But the token’s historical high of $85.02 contrasts starkly with its current levels.
The FTX Token is down 98.8% since its all-time peak, with the bearish outlook tied to its turbulent past.
