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Home News ALT Coins

Luna 2.0 and Terra Classic Rises With Many Hopes, Will it Rise or Suffer

CoinWist by CoinWist
June 2, 2022
in ALT Coins, Business, News, Social Proof, Twitter
Reading Time: 5 mins read
Terra

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After TerraUSD(UST) failed the project, Do Kwon and his project team Terraform Labs launched a rescue plan creating Luna 2.0 Blockchain.

No matter if it is a new project still their past haunts them. Yes, it seems like they have failed once again.

After Luna 2.0 debuted on May 28, it nearly plunged over 70% in the first 24 hours. The debut price was $17.8 according to Coinmarketcap.com and at the end of the first day, it was trading at around $6.00.The worst thing is it even touched the low mark of $4.00. Somehow it was able to climb a little amount.

 In the beginning, it almost touched the $20 mark but somehow after the Terraform Labs successfully distributed the LUNA 2.0 token to the investors a sudden drop was created. Terraform Labs distributed the new LUNA 2.0

tokens to old investors who owned LUNA classic (LUNC) and TerraUSD(UST).  With its first day’s downfall, the new Luna project seems like recovering, despite its still trading below the price it launched at $17.8 price. At this moment it is trading at a price of $8.88 according to Coinmarketcap.com.

So why is Terra down?

Now, this is the biggest question, Why did this fail to gain momentum? So the basic matter is investors still don’t trust this project. Despite its change still people hesitate about the whole project including the Project team.

Many exchanges delisted the previous version of LUNA. With Do Kwon’s new plan many recognized crypto exchanges started accepting to launch on their platforms. However South Korean exchange did not list this new project because of Do Kwon’s trust issues.

Its in the governance proposal that launched the new network, which you obviously didn’t read

Cheers, fud harder pic.twitter.com/YqZrE3gyjz

— Do Kwon 🌕 (@stablekwon) May 29, 2022

 He is still required for government investigations and still, he has not faced them.  Kraken, Bitrue, Kucoin, By bit, Nexo, Bitfinex, Lbank, and Bitget listed the token before its official launching. After the official launch, those exchanges listed the token for investors.

The world’s biggest Cryptocurrency exchange Binance was neutral at the first stage but recently they made an official statement that they are now all set to list Luna’s new project in the Innovation Zone.

#Binance will list Terra 2.0 $LUNA in the Innovation Zone and will open trading for LUNA/USDT and LUNA/BUSD trading pairs at 6am UTC on May 31.

Full airdrop details ⤵️https://t.co/SSFL6BNvzb

— Binance (@binance) May 28, 2022

The announcement was made after Binance completed the distribution of Terra (LUNA) Airdrop distribution to Terra Classic $LUNC and TerraClassicUSD( USTC) holders.

#Binance completes the Terra $LUNA Airdrop Distribution to Terra Classic $LUNC and TerraClassicUSD $USTC holders.

Users can confirm the receipt of these tokens in their spot wallets via the 'Distribution' page in the 'User Center'.

Full details ⤵️https://t.co/FNmpSuA8kl

— Binance (@binance) May 31, 2022

#Binance Staking completes the 1st Phase of Terra 2.0 $LUNA Airdrop Distribution to $LUNA (old) and $UST (old) Locked Staking users on Binance.https://t.co/Rk4fJnmkMt

— Binance (@binance) May 31, 2022

Did the Airdrop Fail?

After the previous project crashed investors lost Million. So the Terraform labs team planned to distribute airdrop LUNA tokens to affected investors to recompense for their losses.

 However, this also did not work properly and went wrong for Terraform labs. May investors had complained that they have not fully received their promised airdrop distribution.

Yes, after losing $700k in #Luna my airdrop of $0.14 cents will make me whole

— Crypto Bitlord (@crypto_bitlord7) May 29, 2022

Lost $300k in $LUNA

Got an airdrop of $59

Thank you do kwon and team

— Ash WSB (@ashwsbreal) May 29, 2022

After this, the Terra team confirmed that they are fully aware of the situation and they are working on a solution. 

📣 Attention $LUNA airdrop recipients 📣

We are aware that some have received less $LUNA from the airdrop than expected & are actively working on a solution.

More information will be provided when we have gathered all of the data, so stay tuned.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 30, 2022

As I previously mentioned about Do Kwon’s trust issues in South Korea, The government is taking some significant steps to examine Terra’s controversy, while protecting investors.

After the Terra crash, most governments are keen on crypto regulations. Especially the South Korean government has appointed a digital asset committee that will deeply focus on Digital assets. 

Due to the Terra incident, the Korean government decided to set up a digital asset committee that integrates different departments, including specifying listing standards; monitoring the market and unfair transactions; formulating disclosure systems, etc. https://t.co/P0cbIzAxTP

— Wu Blockchain (@WuBlockchain) May 31, 2022

At this moment market is highly volatile. So everyone should be really careful. Now the matter is there are some people who still believe in this Terra project. So they still hope for the green mark for this Terra project. Some have already lost their faith.

The only reason to buy $LUNA 2.0 is to qualify for the next airdrop of $LUNA 3.0 after it goes to zero like $LUNA 1.0

— Luke Martin (@VentureCoinist) May 29, 2022
Luna is recovering slowly. So this might be a good sign. Although this may fall again. It all depends on the market and the investors. Still, we cannot predict whether the market will Rise or Suffer…
Tags: AltcoinCryptocurrencyLunaTerra
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