What Next for Luna Token
The straw behind the camel broke few days ago when the crypto space begins a sudden dip that has been longed had for a while. All the market was in red and there was total grieved both through the crypto space
The market was really tough and it seems nobody is actually escaping the bleeding. Both whether you are in a buy position or you are in a red position, as far as you are in the Crypto space, there was high probability that one will suffer the dip
There was massive loss in the Crypto space and a great panicking. With a lot of coin suffering from the dip, the steem token wasn't left out. Falling to below $0.18 was quite something unusual to see in the crypto space after a long time but still was seen.
Another token that suffer from the massive dip was the Luna token. Quite a massive one from $103 to $0.01 and even below and the last time I checked the price, it has really droped massively to 0 yes you heard it right. Zero.
That was really devastating for a lot of crypto traders who want to gamble on the fall of the Luna token and was still buying the dip, well perhaps it turns out eventually that it is always not advisable to always buy the dip. With my few years on stay in the crypto space, it was always told well by many experienced and experts crypto traders to always buy the dip. Actually it looks quite profitable at some times while at some times it turns out to be a huge loss in the gamble
And it turns out that buying the dip is not always advisable like that as presume and the Luna token prove it to be quite true. With a lot of trader losing massively quite a huge sum of money, it is not yet sure what next is left for the Luna token
Is that the end to the journey of the token in the Crypto space. Is that the end to ust. Will there be resurrection possible for the Luna token. Is it the end for all the hype for the Luna token. Where do we move from here. What is the next step from here.
Inarguably, there is still positivity that await in the future but will the Luna token still be able to achieve the positivity. Is there still a future for the token, what next await the token. Time will really tell
To me the mess has already being done, we just have to keep observing to see how things will unfolds. It is not going to be easy but this is cryptocurrency anything can happen.
Yes. We just need to keep observing and hope for a better tomorrow
Lately we have seen new approach by luna team to revive the token another big challenge has been the excessive circulating supply of luna token of over 6 trillion which is quite large number of circulating unit the team need to first tackle this excess supply through either a burn mechanism and restore circulating balance then we can see if price value can be revive or not.
Hi @doyoy
Talking about LUNA recent crash - it's indeed such a challenging (and devastating) time for so many investors out there. And for all those people, who decided to store their wealth in UST - people who didn't accept risk of losing their funds (as we do, when we invest in crypto project). All those people hold UST, assuming that they do not take any risk and are just preserving their capital in something which was supposed to be a stable coin.
Many things had happened since LUNA and their UST expolded. In just a couple of days we've already witnessed blame game starting: Blackrock and citadel (together with Gemini) has been accused of market manipulation and they were already blamed for well coordinated attack.
I'm not sure where that rumour came from. Also I dont think that Blackrock or Citadel would ever confirm if they indeed were behind this crash. It seem to be obvious that both would deny. So we may have to wait to know the truth (we may never learn it either way).
It's also hard not to have an impression, that LUNA became a target because they were the first large project which wanted to back up their stable coin reserves with another crypto (BTC). That could anger many powerful people and it would challenge USD as a reserve currency. So perhaps this was the reason why LUNA had to be "an example". So others would not follow ...
PART 2:
I truly wonder if LUNA may find a way to get out of current trouble. They apparently have solid community and many developers building on their blockchain. So perhaps someone new may take over LUNA, get rid of current CEO (Do Kwon), remove UST from their ecosystem (and replace with some traditional stable coin) and try to kick-start this project.
Any thoughts on that? Also: do you hold any LUNA yourself? I bought like 300k during recent dump (spending only small amount of $$$). I accepted that it may be worth ZERO, but having some "skin in the game" is making me research more about this project and follow upcoming news related to it.
Enjoy your weekend buddy,
Yours, Piotr