š FTT Token Soars Over 30%! Here's Why š„
The native token of the bankrupt crypto exchange FTX, FTT, has shocked the market with a 30% price surge in the last 24 hours, hitting a monthly high of $2.93! This remarkable rally comes in the wake of a major update on FTXās reorganization plan, which is set to roll out in January 2025.
Why is FTT Pumping?
On November 21, FTX announced the final phase of its court-approved Chapter 11 reorganization plan. The plan focuses on distributing funds to creditors and customers, starting early 2025. Key steps for reimbursements include:
Setting up an account with a Distribution Agent
Completing KYC verification
Submitting required tax forms
Market Reaction:
FTT's surge positions it as the top gainer among the top 100 cryptocurrencies! Although it briefly corrected to $2.56, its market cap stands strong at $843M. Analysts suggest that if this trend persists, FTT could breach resistance at $2.69 and aim for its year-to-date high of $3.43. However, large sell-offs may exert downward pressure.
With the crypto market in bull mode, FTTās future looks intriguing! Will it continue this momentum? Share your thoughts below!
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