FTT Token Price Surges 12% After FTX Debtors Announce a $12B Chapter 11 Repayment Plan

The FTX collapse occurred two years ago, but for most cryptocurrency investors, it remains a difficult memory to forget, especially for those victims

The price of FTX tokens (FTT) surged by 12% on December 16 after increasing by 450%, sparked by an announcement from FTX debtors regarding a Chapter 11 restructuring plan. The plan outlines the distribution of $12 billion in funds to creditors, beginning on January 3, 2025.

FTT trading volume also skyrocketed by 450% in the past 24 hours, reaching $161.31 million. This surge in trading activity drove the FTT price up from $2.5 to $3.1 in an hour. Despite a later pullback, the FTT price continued to rise, showing resilience from an earlier decline and trading at $2.97.

According to the X page of FTX on December 16, the debtor's redistribution plan was announced. During this time, the price of FTX tokens quickly rose from $2.5 to $3.1 within an hour. Although the price pulled back later on, the FTT price maintained an upward momentum, showing strength from an earlier decline. After bullish signals were reported in the earlier chart showing a double bottom pattern, the current trading price is $2.97. Therefore, experts believe that the FTT price will rise by 550%, reaching $20. The last time the FTX price approached this level was before the FTX collapse. However, this is only possible if the chart maintains this pattern.

In any case, other crypto analysts, including Crypto Signals' FTX price prediction, believe it could surge to $3.5 and then reach an extended target of $4.79.