The FTT token experienced a dramatic 24% price surge following a mysterious "gm" post from Sam Bankman-Fried's social media account, despite the former FTX CEO being incarcerated. According to CoinDesk data, the token skyrocketed 50-60% within minutes of the Tuesday post, reaching peaks of $1.20-$1.23 before stabilizing with a 25% gain at approximately $1.014.
Market data from The Tie reveals extraordinary network activity accompanying the price movement. Active addresses surged to 201, far exceeding the monthly average of 56, while centralized exchange deposits doubled to 13 and withdrawals quadrupled to 38 compared to monthly benchmarks.
Crypto community reactions ranged from outrage to humor. On-chain investigator ZachXBT condemned the post, stating SBF "deserves zero human rights" due to FTX's collapse impacts. BitMEX co-founder Arthur Hayes humorously questioned "Wen memecoin?" highlighting the speculative nature of the movement.
This isn't the first FTT price reaction to SBF's social activity - similar volatility occurred in February 2023 after his first post in two years. The latest activity coincides with FTX's bankruptcy estate preparing to distribute $1.6 billion to creditors this month, marking the third major payout since the exchange's collapse.
Despite having no fundamental utility since FTX's demise, FTT continues demonstrating extreme sensitivity to headlines and sentiment surrounding its controversial founder, underscoring crypto markets' speculative dynamics.