A single “gm” post on X from an account linked to SBF drove a 60% FTT price surge, highlighting the market’s volatility.
FTX’s $1.6 billion creditor payout looms, potentially impacting FTT’s value as liquidation risks grow.
Despite no utility, FTT’s rally reflects lingering investor fascination with FTX’s legacy.
FTX Token (FTT), the native token of the now-defunct FTX exchange, experienced a dramatic 60% price increase within hours early Wednesday.
The token surged after Sam Bankman-Fried’s (SBF) X account put a post.
SBF is the former CEO of FTX currently in jail.
The surge to an intraday peak of $1.21 also came as FTX Recovery Trust sued Genesis Digital for $1.15 billion.
FTX token soars amid SBF tweet
FTT price hovered over $1 on Monday and Tuesday, mirroring crypto turbulence this week.
However, it exploded well above the psychological level on Wednesday.
The catalyst for the sharp price movement appears to be a two-letter post “gm,” shorthand for “good morning”, that Sam Bankman-Fried posted on September 24, 2025.
SBF, jailed for his role in the collapse of FTX, looks to be a massive shadow looming large across the market as his post quickly garnered nearly 4 million views.
The FTT price jumped as a frenzied speculative trend picked up momentum.
Some market participants interpreted it as a signal of potential developments in FTX’s bankruptcy process, while others viewed it as a nostalgic nod to SBF’s influence in the crypto space.
A 60% spike to $1.21 separated FTT from the overall picture of a broader market downturn.
Prices pared gains after the X account posted again a few hours later.
[No, SBF is not posting himself from prison. I’m a friend posting on his behalf.]
— SBF (@SBF_FTX) September 24, 2025
Despite this, FTT price remained near $1 and was up 19% in the past 24 hours at the time of writing.
Notably, the price surge also came as FTX Trust sued Bitcoin mining firm Genesis Digital over a $1.15 billion asset investment that SBF made.
In a filing submitted Monday to the US Bankruptcy Court for the District of Delaware, the FTX Recovery Trust launched a complaint against crypto mining firm Genesis Digital Assets (GDA), its affiliates, and two of its co-founders.
The action is part of efforts to reclaim $1.15 billion in what it described as “commingled and misappropriated funds.”
The filing alleges that the funds are directly connected to former FTX chief Sam Bankman-Fried’s “fraud on customers and other creditors” during 2021 and 2022.
What’s the FTT price outlook?
FTT’s price currently stands at $0.9704, with a 24-hour trading volume of approximately $17.64 million.
The token’s market capitalization is reported at $272.9 million, reflecting a circulating supply of 328.89 million FTT.
The token’s long-term viability remains questionable, as it no longer serves a functional role and may face liquidation to settle creditor claims in FTX’s ongoing bankruptcy proceedings, set to distribute $1.6 billion.
FTT could breach $1.21 again and target $2 amid overall volatile trajectory for altcoins.
But the token’s historical high of $85.02 contrasts starkly with its current levels.
The FTX Token is down 98.8% since its all-time peak, with the bearish outlook tied to its turbulent past.