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FTT token sees trades rise 450% after FTX sets refund date
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FTT, the token of the bankrupt exchange FTX, collapsed along with the exchange two years ago, but is still active. And this Tuesday (17), the token price rose 12% following news about the payment of FTX creditors. But the big surprise was FTT’s trading volume, which soared 450% in the last 24 hours. This strong rise made the total volume of the token reach US$161 million in the last 24 hours.
Such moves came after FTX’s bankruptcy team revealed that Payments to creditors will begin on January 3. The news left the market optimistic and revived interest in the token, which reached its highest value this week. According to CoinGecko, FTT is worth US$2.87 at the time of completing this text.
With Sam Bankman-Fried and his associates such as Caroline Ellison arrested, FTX is under new leadership. And on Monday (16), the company published a tweet confirming that the Payments will begin on January 3rd.
According to FTX’s official announcement, payment to customers who had their funds arrested will be in collaboration with the exchange Kraken and the custody platform BitGo. More importantly, initial distribution will take place within 60 days effective date. In other words, the first payments must occur from the beginning of March.
Volume soars 450%
Shortly after this announcement, funds began injecting into the token, taking the FTT trading volume to hit ceiling after 450% increase in 24 hours. Even with the FTT “unused” – the exchange said it will not resume its activities – the total volume reached US$161.35 million, which is much higher than the average.
FTT is currently priced at $2.87 after previous charts reported a bullish signal from the double bottom pattern. As a result, experts see a 550% increase in FTT price, reaching US$20.
If this happens, FTT could reach its highest price level since October 2022, a month before the exchange’s bankruptcy. The token has been quite sensitive to rumors related to FTX, and in November it even became increase in value by 60% in a single day because of that.
Two years after FTX’s bankruptcy, things are moving in creditors’ favor as debtors have introduced the payment plan. This plan It took months to completebut now the company’s creditors are optimistic that they can receive the amounts owed.
The plan will focus on distribution of around $12 billion in cash funds or stablecoinseffective January 3, 2025. Those who had other cryptocurrencies on the platform will receive the converted amount, but not the digital assets.
Similar valuations have happened with FTT before, especially with uptrend dominance and Bitcoin (BTC) price reaching new highswhich is why the sustainability of this leap is contradictory.
FTT token sees trades rise 450% after FTX sets refund date
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FTT token sees trades rise 450% after FTX sets refund date
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FTT token sees trades rise 450% after FTX sets refund date
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FTT token sees trades rise 450% after FTX sets refund date
