coinedition.com 01 October 2024 18:36, UTC

Crypto assets from collapsed projects like FTX and Terraform Labs—FTT, USTC, LUNA, and LUNC— are defying expectations with explosive price gains. This “zombie token army” is on the march, with FTX’s token, FTT, leading the charge, surging by 13% today to trade at $2.41.

FTT Retests Yearly High

Looking at its price action over the last seven days, FTT has nearly doubled in value, climbing from a low of $1.36 to a high of $2.7205. This is one of the highest prices the FTX token has reached this year.

FTT’s rally was fueled by social media rumors suggesting that the FTX bankruptcy estate would begin distributing reimbursement funds to creditors and customers as early as September 30.

However, the official Chapter 11 filing indicates the bankruptcy plan has not been approved. A court hearing is scheduled for October 7.

USTC, LUNA, and LUNC Also Pumping Hard

In addition to the FTX token, crypto assets from Terraform Labs have also seen significant gains over the past week.

Terra Classic (LUNC) registered a 5% increase today, now trading at $0.00009886. This growth marks a comeback for LUNC after a recent pullback that saw its price drop to $0.000090. Initially, it rallied 31% from $0.00008306 on September 23 to $0.0001091 on September 30.

Similarly, its counterpart, Terra (LUNA), experienced comparable price appreciation over the last seven days. LUNA advanced from $0.3785 to $0.5048 last week, achieving a 33% gain.

Likewise, the USTC token, which was originally designed as a stablecoin but has since transitioned to a more volatile crypto, also participated in the recent price surge. USTC currently boasts a 30-day price growth of over 55%, trading at $0.0244.

Notably, USTC, LUNA, and LUNC have all surged since last week, as overall market sentiment turned bullish, with Bitcoin reaching $66K. While a correction occurred on Monday, the bullish momentum is returning.