Token

FTX Token

2024

Billion

<p>FTX token&nbsp;<a href="https://www.thecoinrepublic.com/price-prediction/ftx-token/">FTT</a>&nbsp;has skyrocketed by 27% within a day to trade at $2.07 according to Coinmarketcap. This sharp rise was ignited by fake news of FTX paying $16 billion to its creditors. </p> 
<p>Although the price increase attracted attention, the token remains tied to FTX’s ongoing bankruptcy, posing significant risks to investors.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">$16B FTX DISTRIBUTION STARTS TOMORROW. <br><br>Send it! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/6q7doTBGJu">pic.twitter.com/6q7doTBGJu</a></p>— Radar
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@RadarHits) <a href="https://twitter.com/RadarHits/status/1840443442561712279?ref_src=twsrc%5Etfw">September 29, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24FTT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FTT</a> pumped 115% in the last 24 hours <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"><br>&nbsp;<br>The reason behind this pump is that a news started to come that <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw">#FTX</a> distribution will start tomorrow.<br><br>But there is no valid source for this news. <a href="https://t.co/ihbwtq0iQr">pic.twitter.com/ihbwtq0iQr</a></p>— Wise Advice (@wiseadvicesumit) <a href="https://twitter.com/wiseadvicesumit/status/1840473117887451379?ref_src=twsrc%5Etfw">September 29, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="h-ftx-token-ftt-price-and-market-activity-soar"><strong>FTX token&nbsp;FTT Price and Market Activity Soar</strong></h2> 
<p>According to the reports, the size of the FTX token (FTT) market capitalization rose by 27%, reaching $681 million. There was a 1221% increase in trading volume due to traders’ speculation occasioned by the rumors. From below $1.40, the token soared to reach its peak of $2.71 before hovering around $2.07.</p> 
<h2 class="wp-block-heading" id="h-technical-indicators-show-mixed-signals"><strong>Technical Indicators Show Mixed Signals</strong></h2> 
<p>In terms of its technical note, RSI has stood at 49.41, which neither means it is overbought nor oversold, but in consolidation. This neutral RSI reading is an indication that there is a slowdown after the sharp rise in the price.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="560" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-28-1-1024x560.png" alt="FTT trading chart | Source&nbsp;TradingView" class="wp-image-747199" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-28-1-1024x560.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-28-1-300x164.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-28-1-768x420.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-28-1-150x82.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-28-1-696x381.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-28-1-1068x585.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-28-1.png 1341w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  FTT trading chart | Source&nbsp;TradingView
 </figcaption>
</figure> 
<p>The MACD indicator turned upward and gave a mildly bullish signal since the blue line is slightly higher than the orange signal line. This histogram is in the green zone, though, not very strong; thus, it means there is a mild bullish exposure.</p> 
<p>All in all, the indicators suggest either the formation of a base or the trend reversal to the sideways, or slow upward movement on the short-term scale in the nearest future.</p> 
<h2 class="wp-block-heading" id="h-bankruptcy-warnings-cloud-ftt-s-future"><strong>Bankruptcy Warnings Cloud FTT’s Future</strong></h2> 
<p>As for the circulating supply of tokens, FTT has 328,895,104 tokens circulating with no further token generation anticipated. The current issue surrounding the FTX bankruptcy has been a potential threat to the growth of the token. The platform has warned that FTX token&nbsp;FTT has no intrinsic utility and could be liquidated to repay creditors.</p> 
<p>Thus the price has gone up but the risk shown by the bankruptcy proceedings is also higher. The token could be sold to reduce the existing debt, likely causing significant deterioration of the token’s price.</p> 
<p>Even though this token was designed to create long-term value through innovation, investors should bear these risks in mind. The token’s success will directly depend on the result of the&nbsp;<a href="https://www.thecoinrepublic.com/2024/09/02/will-sec-challenge-halt-ftxs-bankruptcy-plan/">FTX legal case</a>.</p> 
<h2 class="wp-block-heading" id="h-rumors-drive-speculative-trading"><strong>Rumors Drive Speculative Trading</strong></h2> 
<p>The price surge was largely fueled by rumors on social media, claiming a $16 billion payout to FTX creditors. These claims gained significant traction but were quickly debunked. Despite corrections, traders continued to push FTT’s price upward, capitalizing on speculative momentum.</p> 
<p>FTX clarified that no payouts are scheduled until after a court hearing on October 7. Nevertheless, any distributions are likely to take place over time, and some creditors may not be poised to receive their money until 2025.</p> 
<h2 class="wp-block-heading" id="h-future-of-ftt-remains-uncertain"><strong>Future of FTT Remains Uncertain</strong></h2> 
<p>FTX’s bankruptcy case remains unresolved, and FTT’s future is highly uncertain. The next hearing is scheduled for October 7, when it will address the overall reorganization of the company. However, the payouts are expected to be smaller than expected.</p> 
<p>Debt holders are anticipated to be repaid only 10–25% of their lost cryptocurrencies using November 2022 prices.</p> 
<p>Although FTT is short-term profitable its long-term value is uncertain. There could be further fluctuations and share price volatility due to legal unrecoverable in FTX and its liquidation procedure.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/09/30/ftx-token-ftt-skyrockets-amid-rumors-of-16-billion-payout/">FTX Token FTT Skyrockets Amid Rumors of $16 Billion Payout</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

FTX Token FTT Skyrockets Amid Rumors of $16 Billion Payout

Table of Contents

Thecoinrepublic.com

Other articles published on Sep 30, 2024

Ripple Price Analysis: XRP Skyrockets 10% in 2 Days but is the Rally Over?

Polychain-backed Talus Network Launches Nexus: The First Fully Onchain Agentic Framework for Auto...

Solana At $150, Temporary Correction Or End Of The Crypto Rally?

Ethena Price Prediction: ENA Surges 10% On Ethereal Exchange Proposal As This PEPE 2.0 ICO Goes P...

Bitcoin And Ethereum Dip Ahead Of Jerome Powell Speech And Jobs Data As Investors Hope For An Upt...

XRP at $100: Community Goes Crazy in X Poll

Join our free newsletter for daily crypto updates!