FET Price Drops Amid 51% Monthly Gain Following Bridge Hack
FET's price has cooled to around $0.23 after experiencing a 51% increase in value over the past month, following a bridge hack that resulted in a $1.56M loss.
On September 20, an unauthorized party withdrew approximately $1.56M in FET from a token converter, prompting concerns about security and the potential impact on the asset's price. However, the price of FET surged soon after, reaching a high of $0.2597 on September 26.
The liquidation heatmap for Binance shows that the majority of traders' stop-losses were triggered when the price dropped through the levels of $0.2335, $0.2305, and $0.2258. However, there are still some remaining stops in place, with a green band indicating 1% to 3% above the current price.
The FET token has a market capitalization of around $541M, with approximately 2.31B tokens out of 2.71B already in circulation. The asset's price is still 93% below its all-time high of $3.45, reached on March 28, 2024.