LUNA 2.0 Suffers Significant Price Correction Hours After Launch
30 Mai 2022 - 11:00PM
NEWSBTC
The recovery plan for Terraform Labs’ stablecoin TerraUSD (UST) and
its native token Terra (LUNA) embarked on a bumpy route after the
LUNA 2.0 cryptocurrency suffered a substantial market fall hours
after its launch. TerraForm Labs successfully delivered new LUNA
coins to market participants holding LUNA Classic (LUNAC) and
TerraUSD (UST). According to data from cryptocurrency exchange
Bybit, LUNA began trading at $0.5 and quickly rose to a high of $30
before dropping by more than 88% to $3.5. Related
Reading | Cryptocurrency Spams Grow By Over 4000% In The Last Few
Years LUNA 2.0 Price Surged 5,900% On Saturday, May 28, the LUNA
price surged 5,900% to a new all-time high of $30. Unfortunately,
this spectacular rise was short-lived. The price soon reversed and
dropped 88%, resulting in a swing low of $3.50. LUNA 2.0’s price
increased quickly after it hit $3.5, reaching $10.22 before staying
at $6 for the last two days. As this coiling up continues, there is
a good chance that Terra bulls may come together and cause a big
rally. People are bullish on LUNA because assets usually go back to
their average after a big move. LUNA’s price went down 88%
recently. But it will probably go back up just as quickly because
the decline was so sharp. Although, some members of the Terra
community speculated that LUNA 2.0 would cost between $30 and $50
when it was released. Therefore, investors are outraged by the
current price movement. Due to Terra’s LUNA and UST death spiral,
they continue to suffer losses. Due to Saturday’s airdrop, the LUNA
2.0 price is consolidating below the middle of the newly formed
trading range. As a result, investors should be patient before
opening new trading positions and wait for a directional bias to
develop. Do Kwon Blamed For Market Crash Do Kwon has been the
center of attention since the fall, with some in the crypto
community blaming him for the market crash. He faces accusations
that he engaged in fraud leading up to Mirror Protocol, too! LUNA
continued to lose money after the collapse, with its market
capitalization slipping below $1 billion. But surprisingly, the
crash sparked interest in LUNA, with Google search popularity
ratings skyrocketing. Related Reading | Undervalued Metaverse
Project Mars4 Is Preparing for New Releases The collapsed token
became popular because some people were very optimistic and put in
more money. This made the token’s price go up quickly. But
according to market analysts, the interest in the token was due to
the hope that it would be like other meme coins, like Dogecoin.
According to Do Kwon’s original plan for a new blockchain, the
aftermath of the UST peg failure was an opportunity to come up
afresh from the ashes. Featured image from Flickr, and
the price chart from Tradingview
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