FTX Token (FTT) Soars 95% on Creditor Payment Rumors
FTT's recent surge reflects renewed investor interest, driven by rumors of upcoming creditor payments. Market volatility remains a concern for future price movements.
Highlights:
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FTT jumps to $2.72 amid speculation of creditor repayments.
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Analysts predict potential highs of $2.98 or lows of $2.20.
The FTX Token (FTT) has made headlines with a remarkable surge of 95% over the past week, reaching a price of $2.72. This dramatic rise is largely attributed to rumors surrounding the potential commencement of creditor payments, which have sparked renewed investor interest in the token.
FTT's price spike began on September 30, when it soared by over 72% in just 24 hours, following speculation that the bankrupt FTX exchange would initiate a $16 billion repayment plan to creditors. This speculation has led to an astonishing increase in trading volume, reportedly surging by 1,634%, with over $360 million worth of FTT traded across decentralized finance platforms.
Market analysts suggest that if the upward trend continues, FTT could potentially reach $2.98.
However, they also caution that increased selling pressure could drive the price down to $2.54 or even as low as $2.20. The upcoming court hearing on October 7 is expected to play a crucial role in determining the future of FTT and its investors, with many hoping for clarity on repayment plans.
Despite this recent rally, FTT remains significantly down from its all-time high of $84 recorded in September 2021, highlighting the volatility and uncertainty still surrounding the token and its parent exchange.
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