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Market

LUNA believer’s chain of insecure days

June 8, 2022 - Around 4 mins mins to read

Holding both LUNA and LUNC with the thought of ‘losing one for the other,’ investors worry when both tokens go down.

These tokens are still falling steadily against the backdrop of the money market that has taken off in the short term. An investor said he owns both the old LUNA (now known as LUNC) and the new LUNA. LUNC is considered a lottery player by you, but LUNA is the hope you place in the Terra 2 project. “Just as long as LUNA 2.0 is half as much as LUNA was previously successful,” he said.

Like many amateur investors, he invests in LUNA when the token shows signs of rising in early June. After buying at $8, this token rose to over $11, giving him more confidence and intending to take profits as the price doubled.

LUNA

However, over the past week, most of the “top coin” in the market has risen again, while the charts of LUNC and LUNA have remained in the red. So far, this investor’s investment has been divided into two. He admitted having to sell off to cut losses but retained some of it in the expectation that the money would rise thanks to the new move by the development team.

Another investor said that, from the beginning, he determined to “hug” LUNA long term, not interested in short-term volatility. However, after just a few days, the price of these tokens dropped from 50% to 70%, making him fall into a state of “rocking” and not regret the $1,000 + previously spent. From over $11 on May 31, this token is now under $4, 70% off in a week. Meanwhile, the LUNC that he used to be confident of having “caught the bottom successfully” now also decreases and approaches the price when buying. “Maybe you should remove the app, so you don’t bother anymore,” he said.

These community discussions are also divided into two sides. Besides those concerned about their investment and accepted quitting the game and selling off, others said they still believed in the project and its founder.

According to CryptoSlate, negative information regarding Terra contributed significantly to investors’ anxiety over the past few days. On June 6, FatMan, a renowned Terra community researcher, said he discovered a wallet containing 42 million LUNA tokens, valued at $200 million, allegedly belonging to the Terraform Labs developer. This runs counter to CEO Do Kwon’s earlier claim to issue only new LUNA tokens to the community.

Terra is silent against the above allegations. In addition, the Twitter page of the founder Do Kwon since the beginning of June, has shared little information about the project. Even at one time, this account was put in private and made investors even more worried about Kwon’s risk of ” pulling out” the carpet.

LUNA

As CoinDesk expert Krisztian Sandor notes, investing in LUNC and LUNA is now risky, “like buying a home burned down or paying to buy plans that only exist on paper.”

According to Sandor, there is no doubt about the future of tokens on the old Terra blockchain, such as LUNC and USTC, because developers have little incentive to build applications on it. As for the new blockchain, since there is no more stable currency, the challenge is to attract developers with trust and attachment to build applications on this blockchain.

“In short, the activities on the new blockchain will determine the value of LUNA and the success of this project,” Sandor said. Project Terra announced today that “there are already many user-favorite applications (dApps) set up and running on Terra 2.0.” The project will also rebuild new Terra communities separate from the old Terra to avoid confusion.

However, the general statement not specifying the specific application still makes many people skeptical. In addition, the move to build a new community was thought to be a way for Terra to eradicate the stains from the old project and seduce new users.

“After Terra collapsed, they built Terra 2 very quickly. Although I’m worried, I’ll wait a few more months and figure it out, “said Browsing.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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