We just had our largest FTT buy and burn ever!🔥🔥🔥🔥🔥~2 million USD more than our previous recordhttps://t.co/1fCYVc7uao pic.twitter.com/CObl7iSQMz— FTX (@FTX_Official) April 20, 2021
We just had our largest FTT buy and burn ever!🔥🔥🔥🔥🔥~2 million USD more than our previous recordhttps://t.co/1fCYVc7uao pic.twitter.com/CObl7iSQMz
FTX, the second largest cryptocurrency exchange globally, has destroyed over $6.4 million worth of $FTT in its latest token burn, the largest token burn to date since the token launched in July 2019.
The latest token burn comes amid an impressive year for the exchange and the token which has seen its value increase by 10x in 2021 so far.
SEE ALSO: Binance and FTX Exchange Tokens Hit All Time Highs Amid 2021 DeFi Fever
As of July 2019 during launch, the $FTT price was $ 0.8.
As of April 2021, the $FTT price was above $52.5. However a high of $56.8 had taken before a slight retracement to current levels.
The $FTT token all time high https://t.co/k3RYMJ5eD7 pic.twitter.com/8QhdNenl2H— BitKE (@BitcoinKE) April 14, 2021
The $FTT token all time high https://t.co/k3RYMJ5eD7 pic.twitter.com/8QhdNenl2H
There are a total of 350 million $FTT tokens, out of which, 175 million are company tokens that unlock over a 3-year period.
At the same time, about 3/5th of the company tokens are unsold.
The FTX ($FTT) burns are a weekly event happening every Monday since July 2019. FTX repurchases and burns the tokens according to this formula:
FTX has the lowest transaction fees among crypto exchanges and allows you to trade both cryptocurrency and stocks like Tesla, Coinbase, Facebook, Alibaba derivatives etc.
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