- FTX’s native token, FTT, has reignited its upward momentum between yesterday and today.
- The cryptocurrency surged by over 32%, reaching a peak of $2.43 within the last 24 hours.
- The recent news regarding the defunct exchange’s reorganization strategy has generated renewed interest in the digital asset.
The Ongoing Rise of FTX Token (FTT)
The FTX Token (FTT) has broken out of its range of around $1, which it maintained since April, finally surpassing the $2 mark over the weekend. On September 29, this cryptocurrency climbed from a low of $1.38 to a high of $2.72, marking a peak not witnessed since mid-March of this year.
As of 6:00 AM UTC this Wednesday, FTT is trading at $2.26, reflecting a gain of over 22% in a single day. Notably, the token exhibited a price fluctuation of roughly 32% in the past 24 hours, bouncing between a low of $1.84 and a high of $2.43.
Investor interest in FTT surged during this period, as trading volume increased by 91%, with $197.43 million worth of the token transacted across DeFi wallet addresses. These developments elevated the market cap of the digital asset’s circulating supply of 328.895 million to $742.971 million, enhancing liquidity and yielding a volume/market cap ratio of 27.03%.
Analyzing the charts indicates that FTX Token has gained around 58% over the week, 82% over the month, and 92% over the year. However, it still falls significantly short of its all-time high of $85.02, reached on September 9, 2021.
Approval of the Reorganization Plan
Speculations regarding the potential reinvestment of funds obtained from FTX’s repayment to investors have initially spurred FTT’s rise. Recently, a significant advancement in the case has come to light.
According to a filing submitted last Monday, the stakeholders reached a consensus on the reorganization plan. The Knoll Restructuring Administration, which represents the company’s bankruptcy estate, revealed that 94% of FTX Dotcom clients approved the terms of the exchange’s reorganization plan through a voting process. The entity representing the “dotcom customer entitlement claims” has combined claims amounting to approximately $6.83 billion.
Simultaneously, 89% of creditors under the “US customer entitlement claims” category, with estimated claims of around $60.99 million, also voted in favor of this plan. Additionally, nearly 95% of creditors within the “dotcom convenience claims” class, holding claims of $223.59 million, expressed a similar inclination.
According to FTX’s earlier press release, 98% of its creditors are set to receive at least 118% of the cash equivalent of their claim value. The confirmation hearing for the reorganization plan is scheduled for next Monday.
