Backpack Token Distribution Plan
Backpack, founded by former FTX employees, a cryptocurrency exchange, announced it will launch a token with a 1 billion supply in the future. The distribution schedule will be tied to the company’s goal of going public in the US. The token launch will begin with 250 million tokens, equivalent to 25% of the total supply, and will be made available on a date yet to be announced. 375 million pre-IPO tokens, comprising 37.5% of the total supply, will be distributed upon reaching major milestones such as new region launches or product launches. The remaining 375 million post-IPO tokens will remain locked for one year after the company goes public and will be held by the corporate treasury.
Source: Armani Ferrante
FTX-Origin Backpack’s Unicorn Goal
According to Axios’s report on Monday, Backpack is in talks to raise $50 million and could become the crypto sector’s new unicorn with a $1 billion pre-money valuation. Co-founder and CEO Armani Ferrante stated that the token locking principle makes it impossible for insiders to sell to retail investors. Ferrante, a former Alameda Research employee, emphasized that the Backpack team did not receive token allocations; instead, they hold company shares, and enrichment will occur through the public offering. Backpack was founded in 2022 by Ferrante, former FTX.US strategy leader Tristan Yver, and former FTX general manager Can Sun. This development could revitalize the FTX ecosystem linked to FTT detailed analysis.
FTT Technical Analysis: Supports and Resistances
FTT price at 0.31 USD level, 24-hour change -0.77%. RSI at 29.90 in oversold territory, overall trend bearish (Supertrend: Bearish, EMA 20: 0.3689). Strong supports: S1 0.2637 (78/100, -14.19%), S2 0.2955 (68/100, -3.84%). Resistances: R1 0.3256 (65/100, +5.96%), R2 0.3623 (62/100, +17.90%). Investors should monitor these levels for FTT futures. Backpack news could trigger FTT recovery.
For detailed chart, check FTT spot analysis.
Source: https://en.coinotag.com/backpack-1-billion-token-supply-from-the-ftx-team
