Many investors thought they wouldn’t hear another “Terra is down” since launch. They have not only been wrong, but crypto investors are wondering if the tragedy is going to repeat itself.<\/p>\n
The relaunch of Terra hasn’t been successful, to say the least. The constant debates on Twitter and the continuous berating by experts haven’t done it any favours. Even those who were bullish about this token have started to second guess their investments. <\/span><\/p>\n The promise was there. When Do Kwon proposed his great Terra Revival Plan <\/strong>on Twitter, it had many takers. It went through. Those looking forward to it claimed that LUNA 2.0 would be around $50 when it first dropped. <\/span><\/p>\n But that wasn’t the case. Not only did the coin fail to cross even the $20 price (it launched at $17.8), it has rapidly gone down since then. It is now down by nearly 60% to $5.38.<\/span><\/p>\n After the Binance pump, many believed that the coin would hit bottom at $6.0. Now, the same folks are wondering how low the token can go. <\/span><\/p>\n After the Terra crash almost pushed the crypto market into oblivion, with many investors losing their homes and, sadly, in some cases, their lives, all hope was on Binance. People believed that the Binance support for the new version of Terra Luna would help the LUNA price to pump and beyond.<\/p>\n Binance is the world’s biggest cryptocurrency exchange with 400+ assets currently listed, and it caters to more than 100 million users. The Binance effect on tokens has always been a point to note. Most altcoins have gone on to gain 1000x of their original value within moments of getting on Binance. <\/span><\/p>\n LUNA was once among the world’s top 10 cryptocurrencies, and TerraUSD (UST) got a lot of interest from investors during its golden days. The crash divided the community. Many were rallying to hold the tokens, while others started a moment to burn the old LUNA. <\/span><\/p>\n After the hard fork and the creation of LUNA 2.0, Do Kwon promised to airdrop the tokens to those who held LUNA. However, many considered the airdrop method to be unfair.<\/span><\/p>\n Binance held most of these new digital assets, 15.7MM LUNA. It meant that Binance would lead in terms of the number of tokens being airdropped. It gave hope that this crypto exchange would move the market. <\/span><\/p>\n Buy LUNA via eToro Now<\/strong><\/span><\/a>\n<\/p> Your capital is at risk.<\/em><\/p>\n When Binance finally listed LUNA 2.0, the price went from $6.8 to $11.5. While it was still far behind the price the token launched at, it was still a cause for celebration for many LUNA holders who wondered whether the token would even cross into double digits. <\/span><\/p>\n Then the dumping began. Twitter user Terra Watcher had already speculated that the Binance users were inclined to dump LUNA. <\/span><\/p>\n 7\/8 Once Binance unlocks, the only big group of users left to receive genesis unlock is bridge users. But not sure when or how much.<\/p>\n Then no more LUNA released until 6 month cliff, except staking rewards.<\/p>\n In my opinion, after Binance dump coast is clear to buy LUNA.<\/p>\n — John Galt (@lurkaroundfind) May 29, 2022<\/a><\/p><\/blockquote>\nHow Could Binance have moved the Luna market?<\/span><\/strong> <\/strong><\/span><\/h2>\n
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