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In November 2023, the assets of the projects that faced brutal collapses a year ago started pumping. While the true catalysts of this rally remain unclear, the situation looks confusing to investors.
"Are you sure you want this bull market?": Eric Wall on FTT, LUNA rocketing
Eric Wall, renowned Swedish crypto researcher, co-founder of Arcane Assets and a Starknet board member, commented on the series of simultaneous pumps of assets associated with collapsed projects.
Are you sure you want this bull market pic.twitter.com/S8yvaT2M8X
— Erica Wall (@ercwl) November 11, 2023
Wall asked whether crypto enthusiasts want a "bull market" that starts with the FTX Token (FTT), Terra (LUNA), Celsius Network (CEL) and Hex (HEX) prices rocketing.
In the last month, the FTT price more than quadrupled: It added 352% and set a year top at $4.53. In the last 24 hours only, the token surged by 50%.
CEL, the core native utility cryptocurrency of the now-defunct crypto lender Celsius Network, added 128.3% in the last 30 days and soared to levels unseen since April.
Most recently, LUNA, the asset of the collapsed Terra ecosystem, spiked by 35% overnight. The token of Do Kwon's blockchain is ready to return to the top 100 cryptocurrencies by market cap.
Also, HEX, the cryptocurrency of the infamous high-yield project Hex, added over 160% in the last month. As covered by U.Today previously, HEX founder Richard Heart, also known as Richard J. Schueler, was charged with securities fraud by the U.S. Securities and Exchange Commission (SEC).
SEC greenlights FTX 2.0?
Wall, a long-term opponent of Hex and Richard Heart, was immediately attacked by Hexicans in the comments to his X statement. They insist that a "legit DeFi token" should not be mentioned together with the assets of collapsed protocols.
The reason for the pump is obvious only for FTT. The token erased all losses of the last 12 months as Gary Gensler, head of the U.S. SEC, indicated the conditions for a potential FTX relaunch under new leadership.
Gensler opined that FTX 2.0 can be launched with ex-NYSE Tom Farley at the helm.