Is going long on FTX token a safer bet for swing traders

The FTX token, at the time of writing, was trading at $27.54 and witnessed a spike of 1.54% in the last 24 hours.

The token offers a bunch of utilities and is backed by one of the biggest centralized exchanges in the crypto space. Now, as an investor, you might ask- Could this token be a safe bet in the long term?There is a possibility that it might be a good investment for the future. This is because FTX, especially in the last few days, has been showing high market cap dominance.Despite volatility around the transaction value of the FTX token, the metric is currently on the rise.

Token holders have to pay reduced trading fees. They can also use the token as collateral against their bets. And, users can stake their tokens for a yield as well. Even though there have been some positives of the FTX token, there has been some level of criticism as well.One of the main reasons for the criticism was actually from the Celsius short squeeze community that has voiced their grievances against FTX.

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