Players still poured money into Luna after the crash

From a peak of over 100 USD and considered one of the most valuable cryptocurrencies in the world, the old Luna coin – now renamed Luna Classic (Lunc) by the developers of the Terra project – is only $0.0009 per dollar. copper. This sudden plunge in mid-May left many investors empty-handed, losing their homes, losing all their savings… overnight.

However, not long after the “pain” Terra caused players, on May 28, the new protocol Terra 2.0 was quickly launched, the Luna coin was revived. On exchanges, this token was initially listed from 0.03 USD but quickly jumped to 15-20 USD after only a few hours.On June 1, Luna dropped to 5 USD but then doubled to 10 USD. As of this afternoon, the price of this digital currency fluctuated around 6.5 USD per coin. .

The strong volatility in the price of Luna shows that users continue to pour money into the token, despite the crash two weeks ago. Van The (Binh Phuoc) admitted that he and many other players had spent money to buy Luna 2.0 as soon as they were listed on the exchanges in order to have the opportunity to “come ashore”.

“I spent more than $30,000 buying Luna since February at 50 USD each. When its price almost doubled, I still didn’t sell because I believed it was ‘coin top‘ so it will increase even more. But last month’s plunge took it all away,” he said.

He just received 600 Luna 2.0 after the new token split, equivalent to nearly 4,000 USD. “It’s not even 1/7 of the capital invested, but at least I don’t lose everything. Now I will continue to keep the new Luna and buy more to wait for the price increase,” said Mr. The.

“A recently disbanded protocol is revived and the market is still buzzing as if nothing happened, billions of dollars continue to be spent on new projects,” page Vice comment. “After the market turmoil, nobody seems to have learned anything from the crashes.”

‘Dose of pain reliever’

Experts advise people to be cautious when investing in the new Luna coin to avoid a similar crash in the future. According to Eric Tran, co-founder of Maxx Capital Ventures, Luna 2.0 now only acts as a “painkiller” that the Terra team “injects” for investors.

“In essence, Luna 2.0 does not create many benefits. The products of the ecosystem all use Luna 1.0. Besides, when Luna 2.0 no longer has the stablecoin UST, it no longer exists. too much value,” said Eric.

This expert said that, based on the moves from the blockchain community, Luna 2.0 is now not really a delicious piece of cake as some investors expect. As for those who were too hurt by Luna 1.0, their participation in Luna 2.0 is just “still slapping water”.

“When a project has lost a lot of credibility and has completely collapsed, it is almost impossible to turn the situation around to be more successful than the old project,” said Eric.

Many other analysts are also skeptical about Terra 2.0’s chances of success with the new Luna token. “Many investors lost their money on the first generation Luna and could hardly trust Terra the second time,” Vijay Ayyar, head of international relations at crypto exchange Luno, told. CNBC.

“Sending millions, even billions of dollars into a ‘virtual black hole’ like Luna can make investors regret,” Fortune comment. “Maybe many people are still finding some hope with the new Luna when they hit exchanges globally, but they could lose all their money at any moment. Then get ready for Luna’s arrival. 3.0”.

Binance is the latest exchange to list the new Luna. As soon as it appeared on the afternoon of May 31, the price of this token immediately jumped to $ 25 before falling to $ 6, which is a four-fold decrease in value. Due to the great volatility, the world’s largest cryptocurrency exchange had to classify Luna 2.0 into the “Innovation Zone” – a place containing especially risky tokens when investing, and warned users to be cautious.

Bao Lam