Do Kwon’s Attempt At Reviving Luna 2.0 Token Didn’t Go As Planned
Welcome to the world of cryptocurrency where you might not be guaranteed profit but there’s one thing that you’ll be promised: uncertainty of the currency. Just the way cryptocurrency rises, it crashes as well and in the midst of it all, thousands of people lose their hard-earned money in the name of ‘investing’ just like Crypto entrepreneur Do Kwon, who recently tried his hardest, but failed, to bring back altcoin Luna. The digital currency flopped on debut, which resulted in a lot of people raising concerns about its future. It was a nightmare-like situation where investors quickly exited in hopes to protect their money. So, if you’re interested in knowing more about Luna, keep on reading because here’s all you need to know about Luna 2.0 and what went down.
The moment the Terraform Labs CEO launched the deposits of a new token, Luna 2.0, into the virtual wallets of the users, people rushed to exit their investing positions so that they could protect themselves from any kind of ensuing loss. Well, it looks like they weren’t wrong because the value of this latest coin dropped by 80% before being valued at around $5, proving all the nay-sayers and the skeptics right. Just a month ago, its predecessor, the Luna Classic, went into a downward spiral that resulted in the coin becoming totally worthless.
No Faith, No Glory
According to CoinMarketCap, Luna 2.0 was originally priced at $17.80 on Saturday but it devalued and dropped to $6.47. The altcoin had started from a hard fork that was approved by the community through a majority vote. It opened doors to the development of a new blockchain that is derived from the original one, much like the 2016 decision, which resulted in the creation of Ethereum and Ethereum Classic with their tokens. One of the biggest problems with the utility of the altcoin, Luna 2.0, is the fact that its predecessors had dealt with the same lack of trust, which became the fate of the new coin.
Is Luna 3.0 Coming Soon?
Crypto investors are asking questions about the altcoin; could there be a Luna 3.0? Well, that might be partially true as Luna 2.0 is keeping an eye out for a new investment story hoping to add to its value, something that Do Kwon was looking forward to doing when he took the pledge of a 7% staking reward.
Do you think it’s time to put Luna to rest or there could be some juice to it?
More in Business
A-List Power Couples Where the Women Make More Money
In an era of shifting gender roles and evolving definitions of success, it’s increasingly common to find celebrity couples where the...October 15, 2023
Massive Price Cuts: Tesla Only Witnesses ‘Modest’ Sales Gain in China
Cutting Down Prices, But Not Cutting the Mustard? Summer 2023 brought with it a promise of sunshine and relaxation. For Tesla...October 8, 2023
Gen Z’s Take on the Hustle Culture
In the ever-shifting landscape of work and ambition, Gen Z has emerged as a formidable force, redefining traditional notions of success...September 30, 2023
Navigating Mutual Fund Taxes: Strategies for Smarter Investing
Investing in mutual funds has long been a popular choice for individuals seeking to grow their wealth while diversifying their portfolios....September 22, 2023
Ashton Kutcher’s Sound Ventures Unveils AI Investment Strategy
In the heart of Beverly Hills, an unexpected powerhouse is shaping the future of AI investment. Sound Ventures, led by the...September 17, 2023
Essential Tools for Amazon Seller Success
E-commerce has become an integral part of today’s economy, and Amazon is among the biggest players in the game. With millions...September 10, 2023
What Are Job Scams
In today’s digital age, job seekers have many resources at their fingertips to explore various employment opportunities. However, along with legitimate...September 1, 2023
Inflection AI & The Future of Personal Intelligence
Inflection AI is more than just a tech company; it is a Public Benefit Corporation with a noble mission to harness...August 24, 2023
Crucial Money Lessons Schools Don’t Teach
When managing money, many people find themselves unprepared for real-world challenges after leaving school. Despite years of formal education, most schools...August 17, 2023