FTT is Down 21% But This Traders Coin Could 30x
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
FTX’s FTT token is down by 19% in the past 24 hours, sinking to $18.28 amid concerns surrounding the liquidity of the exchange’s assets. The utility token is also down by 30% in the past week, with Binance announcing over the weekend that it would selling its holdings of the coin, which were worth over $500 million.
Such developments suggest that FTT is in for a rocky ride over the next few weeks and months, with concerns over FTX’s financial health possibly becoming a self-fulfilling prophecy. That said, traders looking for profits can still find them elsewhere, with the ongoing Dash 2 Trade presale being arguably one of the most promising investment opportunities in the market right now.
FTT Continues to Lose Value
FTT’s indicators reinforce the impression that a big selloff is underway. In particular, its relative strength index (purple) has falling below 30, and still appears to be sinking.
Similarly, its 30-day moving average (red) has begun falling further below its 200-day average (blue). Normally, this could signal an approaching rebound, but with speculation over the health of FTX and its owner Alameda Research at fever pitch, the declines may continue.
Last week, leaked documents revealed the state of Alameda’s balance sheet, or at least a part of it. While assets were $14.6 billion against liabilities of $8 billion, a closer reading of the sheet revealed that $9.19 billion of the firm’s assets (63%) were tied up in altcoins, which aren’t liquid enough to sell en masse during difficult periods.
While Alameda CEO Caroline Ellison did reply that the leaked balance sheet covered only a “subset” of the company’s assets, speculation has continued to grow concerning the state of its finances. This was made worse when Binance announced it would be selling its holdings in FTT, with over $500 million in the altcoin now up for sale.
In crypto, the problem with investor concerns over the state of an exchange’s health is that they’re very hard to ease. The industry is often so opaque and ‘trustless’ (occasionally in a negative sense) that firms can do or show little that would stop speculation, a problem made worse when a firm is private (as is the case with Alameda Research).
Dash 2 Trade: A Traders Coin Without Issues
Fortunately, any investor looking to buy a trading-related coin that isn’t currently beset by (alleged) financial issues has alternatives. One of these is Dash 2 Trade, a new Ethereum-based trading intelligence platform that will offer investors with real-time analytics and social data in order to help them make more informed trading decisions.
Dash 2 Trade’s presale kicked off nearly three weeks ago, and since then it has raised just over $5.6 million. Its due to launch in the first quarter of 2023, which is when its presale will end and its D2T token will receive its first exchange listings.
As its whitepaper outlines, its dashboard will offer the following tools:
- Trading signals for buy and sell opportunities
- Social sentiment metrics and on-chain analysis
- 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 offers free-to-use version that provides a limited number of tools, the fullest ranges will be offered to users subscribing to either its Starter Tier or its Premium Tier.
At 400 D2T per month, the Starter Tier offers number of social channels, as well as automated trading tools and strategy-building tools. At 1000 D2T per month, the Premium Tier offers the complete range of tools, including on-chain data, whale wallet alerts, and professional-grade market indicators.
What’s bullish from a fundamental perspective is that these subscription fees means that Dash 2 Trade’s native token will have real utility. Accordingly, it will experience rising demand as Dash 2 Trade accumulates more subscribers, something which will help push up its price, along with its hard supply cap of 1 billion D2T.
Impressively, Dash 2 Trade has already accumulated over 45,000 followers on Twitter. Bearing in mind that it opened its Twitter account as recently as September, this is some going, and it provides an indication of how popular it could become.
Indeed, with other presale coins witnessing big gains following their listings, there’s every chance that D2T could post some substantial returns once exchanges begin taking it up. It’s hard to predict just how high it could rise relative to its presale price, but with such strong fundamentals, it has a good chance of rising by at least a few hundred percent.
Interested investors can participate in the Dash 2 Trade presale visiting dash2trade.com and connecting their MetaMask or Wallet Connect cryptocurrency wallets, before using either Ethereum (ETH) or Tether (USDT) to buy D2T.
Visit Dash 2 Trade