Trading has resumed
Terra Labs, company behind Luna as well as the UST stablecoin announced in the middle of May that it will try to redeem their failure by airdropping new tokens to those, who were holding Terra Luna before. The plan to save Luna by creating a Luna 2.0 (LUNC), was to airdrop LUNC directly to those, who were affected by the loss of Luna as well as UST.
And this has already happened for instance on Binance. The trading has been resumed and LUNC saw incredible price swing in the first few minutes after this trading pair (with BUSD) was finally opened. The LUNC increased by almost 195 %, a sign of not only a strong volatility, but also unbelievable growth.
Trading of LUNC/BUSD, Source:tradingview.com
Unluckily, though not unsurprisingly, most of these gains were immediately erased. LUNC has lost almost 60 % of its value straight after it went up and closed the day with little over 23 % in positive numbers. However, today the coin is already trading in red, losing about 10 % from yesterday’s close. And what can this show to the newcomers?
Do not go in
That they should be very aware of what they are doing and where they are putting their money. It was very likely that from the start of the trading people will be mostly trying to get out of LUNC, since the reputation of the people and companies behind this project are forever destroyed.
Do Kwon, the creator of Luna and its outspoken shiller cannot be trusted after his extremely confident claims that Luna will be one of the most important coins, tokens or even ecosystems in the cryptocurrency world. And while we might argue that it was, it definitely is not now and likely will never be again.
Read also: Is Bitcoin waiting for another decline or rocket growth?
Trust is extremely important in the cryptocurrency world. And while the popular cryptocurrency saying says that you should not trust, but verify, some people apparently are able to trust even those, who have wronged them before.
Even if the LUNC might have had a positive intention, the fact is that this token or community around it just cannot be trusted. Thus, if you are tempted to put some money into it just for fun, you should first answer the following question.
Are you willing to put money into the hands of someone, who has lost the same amount of value to its investors that did the creator of one of the biggest Ponzi schemes ever (Bernie Madoff)?
Is there a difference between Bernie Madoff and Do Kwon, Source: reddit.com
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