The FTT price exploded 60% after news broke out that FTX payouts could happen in October. The price even broke crucial $2 level and is now trading around $2.15.
Crypto analyst “Deadline” stirred up excitement on Twitter with a bold prediction about FTX and its native token. “Over $16 billion debts distribution are getting paid next week,” Deadline claimed, adding that “FTX is going through a major restructuring at the moment.” The analyst went on to suggest that we could see FTT hit “$10-$30 once things start to move.”
However, are these FTT price predictions realistic? It remains to be seen, but traders are usually bullish on some token when it’s pumping like this. That doesn’t mean the pump will continue though.
What’s Next for FTX and FTT?
The recent price surge comes against the backdrop of FTX’s ongoing bankruptcy proceedings. The defunct exchange still owes billions to its creditors, and current efforts are focused on determining how much can be recovered.
There’s speculation about potential payouts that could arise from the liquidation of FTX’s assets. Some reports suggest that if the exchange manages to successfully reorganize or revive its operations, it could have a positive impact on FTT’s value.
However, many analysts remain skeptical about the likelihood of recoveries or a successful relaunch of the platform. I am in this boat.
As the story continues to unfold, all eyes will be on FTX and its token, watching to see if these payout rumors materialize and what impact they might have on the broader crypto market.
Read also: Ripple Whales Go On a Massive Buying Spree, XRP Price Pumps
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