Terra Luna Price Skyrocketed, Investors Splashed Money to Play 'Lottery'
|Terra Luna Price Skyrocketed|
Terra Luna Price Skyrocketed 1600%
LUNA price is being traded at 0.0006291 USD/dong, up 1.685% in the past 24 hours, raising the market capitalization to 4.1 billion USD. LUNA's trading volume was also recorded at a high level, exceeding 6 billion USD, equivalent to an increase of 648%.
On Binance alone, the price of LUNA is at $0.00418/dong, up 1.150% in the past 24 hours. The trading volume of the LUNA/BUSD pair, which is also the only pair allowed to reopen, reached $3.15 billion.
At the time when Binance opened the LUNA/BUSD trading pair (May 13th, 9pm - Vietnam time), the price of LUNA was at 0.00008522. Thus, up to now, the price of LUNA has multiplied about 7 times.
Based on the technical chart, the liquidity of LUNA on the Binance exchange increased sharply since the night of May 13. The RSI also shows that LUNA is receiving strong buying inflow after continuously entering the overbought zone.
LUNA is Terra's cryptocurrency, has an initial issuance price of 0.8 USD. In April, the coin peaked at $119, priced at $86 on May 6, then dropped back to $5. LUNA lost almost 100% of its value on May 13 when trading at $0.0002.
Unlike other stablecoins, Terra combines price stability and greater adoption of fiat currencies with the censorship of Bitcoin (BTC) while offering fast and affordable transaction processing.
Currently, many investors around the world hope for the LUNA coin to price 1 USD or higher.
Do Kwon, the founder of Terra, mentioned that the team is working on documenting the utilisation of its Luna Foundation Guard Bitcoin reserves at the time of depegging event. As per reports, the LFG BTC reserve holds around 70,736 Bitcoin.
Updated - May 15: The live Terra price today is $0,000374 USD with a 24-hour trading volume of $7.765.732.688 USD. We update our LUNA to USD price in real-time. Terra is down 8,02% in the last 24 hours. The current CoinMarketCap ranking is #206, with a live market cap of $2.440.450.855 USD. It has a circulating supply of 6.5126.96.36.1995 LUNA coins and the max. supply is not available.
Time To Buy Luna or Another Bull Trap?
This sudden surge in the price of a dead coin raises some straight questions. Is this another rug pull or Bull trap laid by the experts to fetch more money?
Realizing the great profitability, many investors around the world started pouring money into LUNA. However, before the fluctuations of the project in the past few days, investors tend to be quite cautious, do not spend a lot of money and only buy LUNA in the form of "lottery coins".
“I just bought $25 LUNA this morning at 0.00030302 USD Let it be for a while, with big projects like this, the developer is likely to have a solution to the problem,” said Mr. Trung Hieu, an investor in Vietnam.
Although the profit-taking milestone has not been determined yet, Hieu hopes that LUNA can return to the $1 mark. If this turns out to be true and without any out-of-pocket issues, a $25 investment could turn into $82,508.
Up to now, Hieu's investment is profitable about 1.3 times, sometimes doubled. However, this investor said he has no intention of buying more.
However, not everyone is so lucky. Witnessing the increase of Luna token and much discussion, on the afternoon of May 14, Nguyen Thanh (Tra Vinh, Vietnam) decided to invest $1,000 to buy Luna for 0.0004 USD in the hope that this token will have a higher price. Even so, his account had about $700 left after one day when the token fell to 0.0003 USD again, forced to sell to avoid further losses.
On cryptocurrency forums, many players are also excited about buying LUNA as a lottery. Some investors even posted photos showing off their profits many times over after successfully bottoming crypto. The most common spending amounts range from $10-50.
However, not all investors can successfully catch the bottom. The fact that the Terra project has not been completely fixed and stable makes the future of this cryptocurrency still a question mark.
Before that, many investors used to splash their money to catch the bottom of LUNA at price points they thought were low, such as just a few USD. Whether you spend a little or a lot, surely up to now, the user's investment has been divided several hundred, even a few thousand times.
Before the price increase of LUNA again, some investors were happy when the price of LUNA quickly recovered so that they could get rid of all their holdings.
|"Every coin that is inflated and inflated will quickly collapse, the mirror of the shiba coin last year still hasn't woken you up"|
An investor said: "Playing with the mentality like playing the lottery is fine, but playing for investment can only eat bran. Because the day before, Binance had suspended the withdrawal of money from Terra network with the reason that large pending transactions cause system congestion. Currently, the system has reopened but the same thing can happen."
Meanwhile, some regret not "bottom-fishing" the currency sooner.
Contrary to the jubilation of many, before that, the actions of Luna Foundation Guard, the developer of the LUNA coin, did not seem to be able to save the situation when the strong sell-off momentum of stable UST of LUNA.
"Luna is continuing to drop in price. The last bounce was not too strong, it was just a 'bait' for others to follow," said Anh Bang, administrator of a Facebook group about digital currencies with more than 150,000 members and have 5 years in the cryptocurrency market, recommended. “If players continue to buy, their accounts may be split, because there is no sign that the Luna project and stablecoin UST will be controlled.”
According to Mr. Bang, it is impossible for Luna to reach the 100 USD or even 0.1 USD mark. Besides the project being adrift, he reckons that Luna's total supply is now close to 7 trillion tokens, thousands of times more than when it was at $100, when the total supply was only one billion tokens. Even if the team behind this digital currency "burns" the coin, processing all 6.9 trillion tokens is impossible because it costs a lot of money and is unlikely to succeed.
Phan Hoang, a blockchain and cryptocurrency expert, said that when players have put money into Luna, they need to determine the loss, and should spend a low amount to avoid losses. At this point, he also advises players not to continue buying Luna. "Betting on Luna can help the lucky ones have a little more money, but this amount is not much. Things that go up vertically will also fall in the same way," this person said.
|“Executing a trade without assessing the situation from the market can result in a split of the principal. LUNA can be a prime example where seasonal traders who do not understand the gravity of the problem and rely solely on technical analysis and unfounded belief have accepted buying during the sell-off. Many people have split 10, even 100 times their assets with just spot transactions,” warned Victor Nguyen, founder of the non-profit organization CryptoLeakVn.|
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