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To say that LUNA 2.0 reception was less than optimal would not be wrong. While many were bullish about burning the old LUNA and unwilling to give Do Kwon a chance to salvage the project, some have continued to hold out hope about the LUNA 2.0 price prediction for June 7. The latter was bullish enough to make it to the news that LUNA 2.0 would be worth $50 after getting air dropped.
It wasn’t the case. The token has shown a high level of volatility since its launch. It has gone down by 75%. And it is continuing to find new lows.
In one of the articles, we pointed out that TERRA LUNA is below $6.0.
Like the experts watching this token’s “downward” progress, we wondered if the token had finally found a bottom.
From the looks of it, it hasn’t.
LUNA 2.0 Price is below $5
TERRA LUNA did show some uptrend after the Binance listing, but that was a given. Cryptocurrencies bank on the Binance Effect and see a massive uptick within minutes. That was, in some ways, the case with LUNA 2.0, as the uptick wasn’t so tremendous. It merely went from $8 to $11.
The primary reason behind this short uptrend was the community’s lack of interest. While many were looking forward to the Terra Revival Plan, most experts, including the CEO of Binance, weren’t bullish.
“You can’t make something out of nothing”, were the words of Changpeng Zhao, CEO of Binance, the biggest crypto exchange in the market.
Despite his apprehensions, LUNA 2.0 got a place in the crypto exchange. And same was the case with Kraken.
TERRA has seen a lot of ups and downs since launch (mostly downs), and the LUNA classic community is continuing its burning rally against it.
Popular publisher CNET says that holders are burning 100 million LUNA every day. The supply of the LUNA classic is 6.5 trillion – making these numbers far less than required to make a serious dent.
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The community is not happy with TERRA LUNA. Its current price is $4.33, with a 24-hour trading volume of 338 million. It is down by 17.29% in the last 24 hours and is currently ranking at #2806.
LUNA’s fall from grace
There are two factors behind the success of any cryptocurrency. One is the utility. During its golden days, LUNA was one of the biggest utility tokens in the market, ranking among the top ten best cryptocurrencies. It is associated with the TerraUST: an algorithmic Stablecoin pegged at 1:1 with the USD.
Once people started to withdraw – cashify – their tokens, the Terra protocol panicked.
In its effort to maintain its peg, it sold large reserves of BTC that put the crypto market in the crash phase. Terra protocol went into a death spiral, and UST’s value went down to $0.6969. The protocol still tried to maintain the peg, but it further spiralled into nothingness.
UST was no more, and LUNA crashed by 100%. It destroyed any faith that the market had in its token.
That brings us to the second factor behind a cryptocurrency’s success, marketing. Do Kwon has burned all the bridges with the community. Those who’re still bullish about the token are those for whom the loss hasn’t quite sunk in yet.
Still holding 9M+ $Lunc
Hope everything will change over a period of time #LUNC #lunaClassic #lunaterra @stablekwon please provide any update for #LUNC holders pic.twitter.com/fnDfqwUoiR
— Ashley James (@Ashley_Jayecane) June 7, 2022
And some have taken a radical approach to showcase their disdain for the LUNA 2.0 and LUNC.
https://twitter.com/7abibdon/status/1533852090149249024
Luna 2.0 Price Prediction for June 7: Will the LUNA 2.0 price go UP?
Despite the current price trends, most experts predict that the price will go up, not down. However, their bullish predictions are based on the low circulating supply.
Most market analysts are warning against investing in LUNA 2.0. Many are wary that the history might repeat itself, and this time, it would be out of sheer disdain for Do Kwon.
Read More
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