• Sam Coins, tethered to the now-defunct FTX exchange, have made an impressive ascent in value this month.
• FTX’s native token, FTT, has increased by 160% since its recent low in November 2022.
• Rumors of a possible re-launch of FTX has contributed to the rise in Sam Coin values.
The cryptocurrency market has been showing signs of life in the last few weeks, with many Sam Coins staging a surprising recovery. These coins are tethered to the now-defunct FTX exchange, which is currently undergoing bankruptcy proceedings, and have been promoted by its former big boss – Sam Bankman Fried.
FTX’s native token, FTT, occupied an important spot on Alameda Research’s (SBF’s cryptocurrency trading firm) balance sheet. This caused investors to become wary of the connection between Bankman-Fried’s trading arm and FTX, leading to a major sell-off in November 2022. However, FTT’s value has since increased by 160%, and is now trading at $1.93 – a far cry from its recent high of $51.68 from late March 2022.
The rise in Sam Coin values may be attributed to rumors that the platform’s operators are assessing the possibility of re-launching the beleaguered FTX. This was reported by the New York Times, and could be seen as a positive sign for investors who are looking for a return on their investment in Sam Coins.
Aside from rumors of a possible re-launch of FTX, the resurgence of Sam Coins could also be attributed to the fact that Bankman-Fried’s other coins, such as Solana, Oxygen and Maps, have also seen a surge in value. This could be seen as a sign of investor confidence in the Sam Coins, despite Bankman-Fried’s current legal troubles.
In conclusion, the resurgence of Sam Coins is a testament to the resilience of the crypto market, and could be indicative of a wider trend towards a recovery of crypto assets in the near future. Despite the legal troubles of its former big boss, it appears that investors are still willing to back Sam Coins, and this could be a positive sign for the future of the crypto market.