Top Crypto Crashes of 2022

The Top Crypto Crashes In 2022 Were Earth ,luna), Songbird (SGB), and ftx token (FTT).

2022 turned out to be an exciting year for the crypto industry, even though price action has been decisively bearish for the cryptocurrency markets. In particular, this will probably be the first year in which Every quarter was close to a recession for the price of Bitcoin (B T c). The ongoing bear market has made it clear that this is a crypto winter,

Many cryptocurrency projects have crashed and been abandoned, leaving behind a devastated community. while familiar with bitcoin crash like thisSome other projects have failed to recover and may never do so.

Luna is the Top Crypto Crash

The top crypto crash to happen was Luna (Terra). After UST, the algorithm stablecoin Terra Ecosystem depegged In May, Terra founder Do Kwon $1.5 billion in capital So that the concern of the market can be removed. After it failed to retest the peg, it caused a death spiral that brought down the price of both Luna and UST. Later, the failed token was rebranded to Luna Classic (LUNC), while a new token was created and named Terra (LUNA).

Since the massive crash (highlight), LUNA has bounced back a bit and is currently trading at $1.30. It is still down 99% from its all-time high of $119.6. Moreover, there is no support below the current price, which could lead to a decline.

Finally, since there are no more algorithmic stablecoins backed by LUNA, there is no longer any underlying function or purpose for the LUNA token.

Luna is the top crypto crash
Luna/USDT Daily Chart. source: trading view

Songbird down to $0.01

Songbird price has declined by 98% since the high of $0.43. It is possible that the decline is a result of the inordinate delay in Flare (FLR) airdrops, which have been announced for more than two years. Since Songbird is the canary network for Flair, failure to meet its deadline could result in a reduction in SGB value. However, it is expected that Flair will finally complete its airdrop January 2023, This could potentially have a positive effect on the SGB price.

SGB ​​price is currently trading at an all-time low of $0.01. There are no reversing signals in place.

songbird price
SGB/USD Daily Chart. source: tradingview

FTT: The Most Recent Crypto Crash

While it hasn’t technically dropped to $0, FTT price is down 99% from its all-time high and is trading below $1. The crash began on November 8th, with rumors starting to spread that the FTX exchange was insolvent. Shortly afterwards, the exchange declared bankruptcy. Sam Bankman-Fried, CEO of the exchange is now facing legal actions,

Like Luna, FTT is trading near all-time lows. Furthermore, the token is of no further use as the exchange is now insolvent. As a result, the chances of recovery seem slim.

ftt price drop
FTT/BUSD two day chart. source: trading view

To conclude, the three biggest crypto crashes in 2022 were LUNA, FTT, and SGB. While the first two digital assets are less likely to recover, SGB may recover in January 2023.

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