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Unstable days of Luna followers

Holding both Luna and Lunc coins with the mindset of ‘lose something and gain that’, Hoang Anh was worried when both of these tokens fell in price.

These tokens are still falling in price continuously amid the short-term boom in the crypto market. Hoang Anh, a marketing expert in Hanoi, said he owns both Luna old (now known as Lunc) and new Luna. Lunc is considered a lottery by him, but Luna is the hope he puts in the Terra 2 project. “As long as Luna 2 is half of the previous Luna, it is already successful”, Hoang Anh said.

Like many other amateur investors, he invested in Luna when this token showed signs of increasing in price in early June. After buying at the price of 8 USD, this token increased to more than 11 USD, making Hoang Anh more confidence and intention to take profits when the price doubles.

However, over the past week, most of the “top coins” in the market have rebounded, and the charts of Lunc and Luna remain in the red. Up to now, Hoang Anh’s investment has been divided into two. He admitted that he had to sell less to cut his losses, but kept a part in the hope that the digital currency would increase in price thanks to the new move of the development team.

Many popular tokens have gradually increased in price, but two of Terra's tokens have still fallen in a recent week.

Many popular tokens have gradually increased in price, but two of Terra’s tokens have still fallen in a recent week.

Unlike Hoang Anh, Duc Duyet (Hanoi) from the beginning determined to “hug” Luna for a long time, not caring about short-term fluctuations. However, after only a few days, the price of these tokens dropped from 50% to 70%, causing him to fall into a state of “peak swing” and could not help but regret the more than $1,000 he spent earlier. From more than 11 USD on May 31, this token is now under 4 USD, which is 70% decrease after a week. Meanwhile, the lunc, which he was confident of having “successfully bottom-fished”, also fell and approached the buying price. “Perhaps right delete app to stop worrying,” he said.

Three days today, the Terra player community in Vietnam was flooded with insecurity about the decrease in the price of tokens. Besides Lunc and Luna, some people also buy related tokens, like Anchor Protocol platform ANC or USTC, which is the former UST token. However, most are heavily discounted, at least from 20%. “Will we be fooled a second time, everyone?”, member Ngoc Bach asked.

Discussions on this community also split into two camps. Besides those who are worried about their investment, give up the game and sell off, others say they still believe in the project and the founder.

According to Nguyen Tien Bac, administrator of a famous digital currency community in Vietnam, many players are still looking to profit from Lunc and Luna. They think that this project was once a “top coin” with a market capitalization of billions of dollars, so it is difficult to be killed. In fact, right after the new Luna coin was released, this digital currency quickly rose to a billion USD capitalization, before falling to 700 million USD today. This is considered an amazing result for a project that collapsed less than a month ago.

However, according to Mr. Bac, the supply of this token is currently at trillions of coins, so it is difficult to increase the price. “If there is an increase, it is just a game of the sharks to manipulate and make a profit, not from the real value of the project,” said Mr. Bac.

Follow CryptoSlate, the negative information related to Terra has contributed significantly to the anxiety of investors in recent days. On June 6, FatMan, a well-known researcher on the Terra community, said that he had discovered a wallet containing 42 million Luna tokens, worth $200 million, believed to be from developer Terraform Labs. This goes against CEO Do Kwon’s previous statement to only issue new Luna tokens to the community.

Terra was silent about the above allegation. In addition, the founder’s Twitter page Do Kwon From the beginning of June until now, little information about the project has been shared. At times, this account was made private and made investors worry more about the risk that Do Kwon could “pull out the carpet“.

Expert Krisztian Sandor of CoinDesk Investments in Lunc and Luna are now very risky, “just like buying a house that burned down or paying for plans that only exist on paper”.

According to Sandor, there is no certainty for the future of tokens on the old Terra blockchain like Lunc and USTC, as there is little incentive for developers to build apps on it. As for the new blockchain, since there is no longer a stable coin (stablecoin), the challenge is to attract developers with trust and commitment 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 assessed. The Terra project today claims that “many of our users’ favorite dApps (dApps) are up and running on Terra 2.0”, and will also rebuild new Terra communities separate from the old Terra. to avoid confusion.

However, the general statement, without specifying the specific application, still makes many people skeptical. In addition, the move to build a new community is said to be a way for Terra to erase the stains from the old project and seduce new users.

“After Terra collapsed, they built Terra 2 very quickly. Although worried, I will wait a few more months and then continue,” Duyet said.

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