Many people continue to ‘bottom-fish’ Luna

Linh said that after Luna dropped to $0.0003 on May 11, she spent $20 of this digital currency to try her luck. “Indeed, I was lucky when the amount later increased to $250, 12 times the original,” Linh said.

Excited to see Luna’s digital currency continuously increasing in price after that, Linh decided to spend the entire amount of $5,000 in her “bottom-fishing” account at $0.0004 per coin. This digital currency then continued to increase to the $0.0006 mark, but Linh was not in a hurry to sell because she wanted to wait more.

However, in the following days, Linh was like “sitting on the fire” as Luna continuously decreased. To date, the digital currency is worth $0.00013, leaving her account less than $2,000.

“I can only wait until Luna increases again, or accept to lose everything,” Linh said.

On crypto Facebook groups, many other people said they had “catched a falling knife” when pouring a lot of money into Luna in the hope that the token would increase in price after a period of sharp decline. Before that, some people played cryptocurrencies in Vietnam also show off spent from 10 USD (the minimum amount to trade on some cryptocurrency exchanges) to several hundred USD and received thousands, even tens of thousands of USD. Topics about Luna are constantly being debated on social networks, many people claim to have made a profit when the market fluctuates, others even dream of becoming a millionaire with this digital currency. Still, others admitted to having lost a lot of money.

Not only in Vietnam, the “bottom fishing” of Luna also takes place in many parts of the world. According to Reuters, there is a wave of buying this token from people who bet that Luna will soon enter a “miracle recovery”. Others believe Luna is still the “top coin” and that it is too big to fail.

“Luna was once a large, market-capitalized coin, so the team behind it will do whatever it takes to revive it,” a blogger wrote on the South Korean social network Naver. This person said he bought 300,000 Luna over the weekend for 0.33 won ($0.0003) per coin last weekend through an exchange.

The wave of buying Luna in Korea forced the authorities of this country to step in. On May 17, the Financial Services Commission of Korea (FSC) sent a warning not to invest in Luna after noticing that the number of people buying this digital currency increased by more than 50% to 280,000, only from the 13th. May 5 to May 15.

Besides, Bithumb and Upbit – two of the largest cryptocurrency exchanges in Korea – also temporarily stopped supporting Luna trading from May 20 to May 27. Coinone, another exchange, also stopped trading Luna and plans to delist this digital currency from May 25.

According to Anh Bang, an administrator of a Facebook group about digital currency with more than 150,000 members and 5 years of participation in the cryptocurrency market, players should buy Luna with a small amount of money to avoid damage. “If they continue to buy, they may have their accounts split, because there is no sign that the Luna project will be controlled,” he said.

According to Mr. Bang, Luna’s return to the 100 USD or even 0.1 USD milestone as many people expect will never happen, because the total supply of this token is currently more than 6.9 trillion coins, of which the total circulating supply reaches 6,500 billion coins. “If it reaches the one-dollar mark, its capitalization will reach more than 6.5 trillion USD, many times the total market capitalization of the cryptocurrency market in general combined (currently 1.2 trillion USD). That’s impossible, people shouldn’t. daydreaming,” he said.

Before that, Luna’s collapse was rated as The “stain” of the cryptocurrency market. It is surprising because this cryptocurrency is classified as a “top coin”, is among the 20 strongest coins by market capitalization, has a clear development path, is invested by large funds, so it is very popular. believer. Although there are no specific statistics, a cryptocurrency expert said that the number of people investing in Luna in Vietnam is not small.

Currently, the team of Terraform Labs – the company behind Luna and UST – is still working hard crisis resolution. Recently, Terraform’s 9x CEO is Do Kwon Proposal to create tokens New Luna unrelated to the current Luna. However, his plan ran into trouble backlash from the user. According to some opinions, including influencers in the field of cryptocurrencies like the “father” of Ethereum Vitalik Buterin or CEO of Binance Changpeng ZhaoTerraform should prioritize compensation for retail investors who have suffered damage because of Luna and UST rather than think otherwise.

Bao Lam