With wildly fluctuating prices…the new LUNA coin becomes a paradise for speculators
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Answer With wildly fluctuating prices…the new LUNA coin becomes a paradise for speculators
Just three days after its release.
The new LUNA digital currency is experiencing huge price fluctuations, making it a paradise for speculators.
After the airdrop and coin distribution last Saturday, several cryptocurrency exchanges showed different prices.
According to data on the Kraken trading platform, the new LUNA trade opened at $17 and then fluctuated between $30 and $4.80.
While the same currency was listed on the OKX trading platform at an opening price of $1, it then swung and traded between $5 and $20.
On Tuesday, May 31, crypto exchange Binance also listed the new LUNA cryptocurrency.
Although cryptocurrencies are subject to significant fluctuations, such fluctuations are unusual in both directions and arguably a rare case.Read:3 reasons why Coinbase is not adding XRP
Speculators were locking in gains with LUNA rallying while some holders of LUNA’s legacy and UST stablecoin recover some of the losses caused by Terra’s crash earlier.
Mr. Fadi Abul Elfa, Head of Research at Copper Prime Brokerage Copper said:
This is a pure gamble the crypto market has never seen before.
Branding or marketing and community are the most important things about cryptocurrency.
Terra has burned down her community, tarnished her brand.
Everything they do here will be useless.
Will Terra 2.0 succeed?
Of course, it’s too early to say anything about the new Terra blockchain.
But given the massive meltdown earlier this month, analysts are leaning toward a significantly lower expectation for Terra 2.0.
Speaking to Bloomberg, Thomas Dunleavy, Senior Crypto Research Analyst at digital asset data firm Messi said:
This initial volatility only shows me that Luna 2.0 is now a speculative asset and is likely to be traded based on new listings on the trading platforms.
The project team must work to restore the builders’ confidence to realize the core value of the new ecosystem.Read:Asian Company Uses Blockchain Technology to Prevent Fraud in COVID-19 Vaccines
I really doubt they can do that with so many other great and well-funded alternatives.
Amidst the huge swing in the value of the digital currency LUNA, the cryptocurrency has turned into a paradise and a target for many speculators looking for high volatility in both directions.
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The founder of “Terra” prepares to launch a new decentralized stable digital currency…Details here
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