The FTX Token (FTT) fall raises concern about the financial troubles of crypto trading firm Alameda Research. It has fueled what appears to be a contagion that has driven down prices generally across digital asset markets.
Alameda and FTX are parts of the rapidly diminishing crypto empire owned by billionaire Sam Bankman-Fried. On the other hand, the newbie cryptocurrency BudBlockz (BLUNT) is gaining the global attention of crypto investors and users as it boasts unique valuable features. BudBlockz is about to rise, and it’s taking the crypto market to a whole new level.
Let’s discuss the sudden crash of the FTX token and how BudBlockz is about to surge.
FTX tokens (FTT) Experience a Downfall
The FTT Token is the native cryptocurrency of the FTX cryptocurrency exchange. FTX was founded by Sam Bankman-Fried and was developed with a mechanism that seeks to improve the FTX exchange. It also serves as collateral against futures positions. Users get discounts on their trading fees for trading on the platform. Also, users who stake FTT tokens receive huge referral bonuses. NFTs are given as rewards for clients who stake FTT.
FTX token price dropped to $4, a decrease of more than 80% over the previous day. After the rescue announcement, larger crypto markets staged a flimsy comeback, but they swiftly lost momentum and swung dramatically lower.
95% of the 500 digital assets classified by CoinDesk’s Digital Asset Classification Standard fell in value over the last day. Alameda Research has a significant amount of highly illiquid FTT tokens on its balance sheet, and some of those tokens have been used as collateral to obtain loans, according to a CoinDesk report from last week.
On June 30, Alameda held $3.66 billion of “unlocked FTT” tokens and $2.16 billion of FTT as collateral, while its SOL holdings totaled about $1.2 billion, according to the documents reviewed by CoinDesk.
Investors have this bias that Alameda, a prominent market lender in the cryptocurrency field, could not benefit from the massive Binance exchange’s bailout of FTX and might face margin calls and be forced to fire-sell assets from its balance sheet to raise liquidity.
An early launch price projection for BudBlockz (BLUNT)
Although the private sale for BudBlockz (BLUNT) has just been underway for a week, early signs point to far higher interest than experts had anticipated a week earlier. The coin is currently trading at $0.021, up 40% from its private sale, and analysts expect it will eventually reach $0.09 throughout the three stages of the presale. By the year’s end, BudBlockz’s post-launch estimates vary from $0.14 to $0.29.
Market excitement is partially due to BudBlockz’s approach to its first pricing and market debut. The initial valuations of $BLUNT are purposefully low for its private sale and more intricate presale, although more expensive than deflationary cryptocurrencies.
This strategy increases the motivation for early investors to add $BLUNT to their portfolios while expanding the company’s appeal beyond the customary small group of insiders who generally profit from untenably low private-sale prices. BudBlockz (BLUNT) has removed the “private” from its private sale, making it available to anyone with an ERC-20 compatible wallet.
These things point to BudBlockz’s intention to use its pre-launch rounds to generate real operating funds and cultivate a sizable and robust community.
Learn more about BudBlockz (BLUNT) at the links below:-