The top three centralized exchange tokens (CET) to buy the dip
The ongoing winter in the cryptocurrency sector has also taken a toll on firms. This is why, from its all-time high, the Coinbase stock price has plummeted by more than 84 percent.
Likewise, centralized exchange tokens (CET) have experienced a significant drop in value in recent months. Here are some of the most undervalued CET cryptocurrencies to invest in.
FTX Token (FTT)
FTX (FFT) is a cryptocurrency derivatives exchange that was launched in 2019. The FTX team is led by Sam Bankman-Fried, who also founded the crypto derivatives exchange FTX.
It is a trading platform that offers a wide range of products, including futures, leveraged tokens, and spot markets.
The FTX token is the native token of the FTX platform and it provides holders with several benefits. Such as discounts on trading fees and access to certain features.
FTX is one of the world’s largest cryptocurrency exchanges. It runs a multinational business and a US-focused company.
Private investors have valued the two companies combined at more than $30 billion, making it far more valuable than Coinbase. Which has a market cap of around $15 billion.
The FTT is the most well-known cryptocurrency in terms of market capitalization, with a value of roughly $4 billion. The price of the FTT token has plummeted by 64% since its peak in 2021.
There’s a chance that the token will improve as the business expands to include stock trading. When other cryptocurrencies begin recovering, this rebound will likely occur.
OKX is a large firm that develops a platform where people may trade cryptocurrencies. Like FTX, it focuses on cryptocurrency derivatives, which have grown substantially bigger than spot currencies.
The firm manages over $10 billion in cryptocurrencies each day according to CoinMarketCap. It also has elements that allow consumers to buy and sell non-fungible tokens
The price of OKB has been in a strong downtrend for the past several months as cryptocurrency demand has decreased. Similarly, the overall volume of derivatives traded within the ecosystem has been on a downward slide.
OKB is an excellent investment since it contributes over 50% of the market share. It’s one of the few firms that’s been able to stand strong in tough times.
KuCoin Token (KCS)
The KuCoin Token is the native token of the KuCoin exchange. KCS’s price has dropped by 60% from its all-time high in January 2021.
The market cap of the token currently stands at $2 billion. The recent downtrend in cryptocurrencies has impacted the KCS price as well. The token is down by over 90% from its all-time high.
Unlike other centralized exchange tokens, KCS has done relatively well in the past few days. It has risen by more than 45% from its lowest level in February. The token is currently trading at $0.65.
The most recent catalyst for the KCS price was the large $150 million fund that the developers raised this month. They plan to use the funds to expand the ecosystem in areas like DeFi and the metaverse.
The KuCoin team is also planning to launch a new token economy system that will incentivize users to hold KCS. The details of the system are not yet clear, but it could be a positive development for the token in the long run.
It is currently the fourth-largest centralized exchange by volume. In the past month, it’s added over $1 billion in value and is now worth over $5 billion. KuCoin has been one of the best-performing assets in the past year, up over 1,700%.
In addition to these three, the other top centralized exchange tokens are Huobi Token, Swissborg, and Gate.io.