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LUNA and FTT Coin enjoyed significant popularity before their collapse in 2022. We witnessed billions in market value rapidly diminish due to the actions of unscrupulous managers. This scenario is unsurprising in an environment where cryptocurrencies lack comprehensive regulations. So, is there still hope for LUNA, LUNC, and FTT?
FTT Coin Insights
The court approved the FTX liquidation plan, allowing refunds in the coming weeks. Nearly $7 billion in refunds received approval, but the details surrounding FTT were striking. The court acknowledged that FTT Coin, with a paper value of half a billion dollars, is in fact worthless. If there are not enough buyers, multiplying the unit price by the total number of tokens results in a sum of zero.
Even though the court declared FTT Coin worthless, speculative traders are not giving up. Furthermore, it has become clear that the exchange will not reopen, eliminating any potential use for FTT Coin. It may be considered a meme coin, but there are thousands of those already in existence.
Could speculative surges occur? Certainly, as seen recently when it climbed to $3.4. However, as you can see from the long wicks, these attempts have consistently been viewed as selling opportunities.
LUNA and LUNC Insights
Another collapsed giant is Terra. Midway through 2022, the UST peg broke, allowing some large capital holders to profit from the situation. As UST approached zero, LUNA fell to single-digit prices and then to virtually worthless values. Still, some people hold out hope for Do Kwon to revive the project.
However, Kwon awaits the day when he will be returned to the U.S. or South Korea as his funds run out. If it closes above $0.437, we could see upper wicks ranging from $0.50 to $0.75.
LUNC is experiencing a similar fate. Terra’s Acolytes have not been as successful as expected. A similar chart can be seen here, where we might observe upper wicks above $0.00009517.
