After a rough month, FTX Token (FTT) is up today, but investors should not get too excited. The coin has only climbed by 1.33% for the day so far, bringing the token’s price to $1.63 (FTT/USD). That is still a long way from where the coin was early in November, around $25.00.

The Awful FTT Price Drop

We have rarely seen a crypto coin drop so hard so quickly the way we saw FTT fall after the crypto exchange platform FTX Token was acquired by Binance. It was a huge coup for the competing Binance, as it takes one of their major competitors out of the running, but that action also tanked the FTT coin’s value.

FTX Token fell 71% in the space of a day following the Binance purchase. It has fallen a total of 95% comparing its rate before the fall to its lowest point since then. The coin has climbed a little in recent days, but it is still a long way from where it used to be.

The minor price increase today hardly means anything in the scope of the bigger picture, and any small victory we have seen there has been mitigated by the awful trade volume, which is down 41% just today.

Do Today’s Numbers Mean Recovery Is Happening?

Investors are hopeful for the coin, with some expecting a turnaround in the near future. The buyout came as a shock, but after that fades, the price could start to recover. However, no one expects a complete recovery anytime soon.

Look at the trade volume numbers for this coin over the last two days to get some indication of what is happening with it and where it might be headed. Before the coin crashed, the trade volume was around $100 million every 24 hours. That jumped to over $1 billion after the buyout. This indicates a massive selloff that has quieted down since then. The trade volume is currently at $67 million, but these numbers are rapidly changing.

Most FTT token holders have sold off their coins. Very few seem interested in buying in at the moment, but there is potential for long-term investors with this coin. It will likely recover to some extent in the coming weeks and months, so those who did not have FTT coins before the drop but bought in afterwards could profit substantially.