After resuming its blockchain several hours ago and activating the network again, Luna continues its downwards spiral, closing in on Shiba Inu prices. The cryptocurrency lost billions in market capitalization within a few days, leading to one of the biggest market collapse crypto markets have seen to date. Investors are troubled, and many declare Luna to be dead. Let’s look at the future for LUNA price and its stablecoin moving forward.
Binance Relists LUNA
After suspending trading and withdrawals for LUNA and UST for roughly six hours, Binance relisted LUNA this morning as block production for Terra Luna resumed. Users can now trade and withdraw LUNA from the exchange and transfer it to third-party wallets.
Shortly after relisting LUNA and UST, we saw the UST price pump from a low of $0.13 to a high of $0.2155. Unfortunately, the chances of UST re-pegging to $1 soon are slim to none.
The CEO of Binance, Changpeng Zhao, published a series of tweets exclaiming his disappointment with the Terra Luna team and their lack of communication regarding the whole debacle. Comparing it to Axie Infinity, who took responsibility, came up with a plan, and communicated it to users, exchanges, and investors.
6. (This is in sharp contrast to Axie Infinity, where the team took accountability, had a plan, and were communicating with us proactively. And we helped.)
— CZ 🔶 Binance (@cz_binance) May 13, 2022
LUNA and UST Memes Begin
As with any dramatic event in cryptocurrency, the memes are soon to follow as humor is the best medicine for situations like this.
Twitter memes are plentiful, many attempting to make light of the stressful situation the founder of Terra Luna, Do Kwon, and Luna devs find themselves in right now.
— Shadow Trader (@ShadowTrader__) May 13, 2022
In addition, a meme coin by the name LunaInu has been seeing a significant pump in the last few hours, more than doubling in price this morning.
According to LunaInu’s official website, the cryptocurrency was initially created to honor Jeff Bezos’ Dog “Luna.” However, since the Luna & UST crash, Twitter has turned to $LUNAINU as an alternative to LUNA, promising 100X returns for investors who lost money on LUNA.
It goes without saying that traders should exercise caution when trading any meme coins, especially ones with low liquidity.
Official Luna Subreddit Locked
Due to the number of posts and threads, the official Terra Luna subreddit has been restricted for new users. The latest posts are from two days ago, and no new users can create threads.
For those looking to participate in Reddit discussions and share their thoughts on the matter, a new subreddit called Terra Luna Unlocked is highly active right now, and we recommend checking it out for the latest info regarding the Terra Luna situation.
Due to the way the Terra Luna team handled the situation and the lack of communication on their part, the chances of either LUNA or UST recovering are minimal. The fact exchanges relisted LUNA also means that the plans for a potential snapshot of LUNA and reverting the blockchain will most likely not happen.
The good news is that LUNA saw a price increase from a low of $0.00002671 to the current level of $0.00008177. Its market cap is currently $505 million, with a 24-hour trading volume of $1.6 billion.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
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