• 26 May, 2024
News

Top Tokens by Popularity in November: FTT Ranked First

According to coinmarkecap data shared by Cryptodiffer, FTT, the native token of the now-defunct cryptocurrency exchange FTX, was the most popular altcoin in November 2022. The token lost most of its value after rival Binance, the world’s largest cryptocurrency firm, announced plans to acquire FTX last month.

The Unpopular

Binance’s dominance in the cryptocurrency industry and its big stake in FTT gave it outsized influence on FTX and how the market perceived the platform. Last month, when  Zhao announced that Binance would liquidate its holdings in FTT, the token collapsed, wiping over $2 billion from the market in 24 hours.

The popularity of FTT can be attributed to the fact that investors were rushing to liquidate their holdings in a bid to protect themselves from the bloodbath that ensued in the market. At the time of writing, the token was trading at $1.31, down more than 90% over the past month, with no signs of recovery.

The second token on the popularity chart was held by Solana, another token that took a massive hit as a result of the FTX crash. As the repercussions from the collapse of Sam Bankman-FTX Fried’s business continued to ripple in the cryptocurrency market, Solana, which was tethered to a blockchain supported by Fried, dropped more than 52% in just one week last month.

According to data from Coinmarketcap, Solana’s market value has decreased from its all-time high of about $80 billion in November of last year to just over $5 billion currently. At press time, the token is trading at $13.57, down more than 57% over the past month. However, unlike FTT, the token is showing signs of recovery as a result of fresh developments.

Bitcoin and DOGE follow suit

Other notable tokens on the list include Bitcoin, followed by the popular meme token DOGE. Bitcoin’s value made a concerted effort to break out of the $17,000 price range. Per analysts, above $17,250, the price may start another steady rise. In this scenario, the price may reach $17,800.

Meanwhile, Dogecoin continued to top the pack this week, gaining 21.7%. DOGE found solid support at 7 cents and resumed its rise, gaining traction as its price rose and seeing increased trading volume.

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