What caused the sudden 113% surge in FTX (FTT) token?

In recent days, the FTX (FTT) token has seen an impressive 113% price increase, sparking considerable interest in the crypto community. The primary driver behind this surge was rumors of a potential $16 billion repayment to FTX creditors. These speculations fueled optimism among investors, leading to increased demand for the token and a significant rise in its price.

The rumors suggested that repayments could begin as early as October 1, prompting many FTT holders to transfer their assets to exchanges in preparation for an anticipated liquidity boost. However, Sunil, the representative of the largest group of FTX creditors, quickly dispelled these rumors, clarifying that the compensation plan hearing is actually scheduled for October 7.

Despite this clarification, the impact had already been felt. Active deposits in FTT reached their highest levels in ten months, reflecting ongoing speculation about a potential payout. Although the price corrected at the end of the day, closing with a 57% increase, the token remains volatile, leaving investors unsure about its future trajectory.

FTT's future largely depends on the outcome of the October 7 hearing. If no clear developments are made, the price may experience further corrections, potentially dropping to support levels near $1.90. However, if the news regarding the repayment plan turns out to be positive, the token could once again rise above the $2.20 mark.