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With Wild Price Swings, the new LUNA cryptocurrency has become the gambler’s paradise

Three days since its launch and the new LUNA cryptocurrency shows massive price fluctuations and becomes gamblers’ paradise. After the airdrop last Saturday, different crypto exchanges have shown different prices.

According to Kraken data, the new LUNA token opened at $ 17 and then ranged between $ 30 and $ 4.80. On the other hand, OKX listed LUNA with an opening price of $ 1[ads1] which then fluctuated between $ 5 to $ 20. On Tuesday 31 May, the crypto exchange Binance also listed the new LUNA token. Although crypto is exposed to high volatility, such wild fluctuations in both directions are rare.

Speculators have booked winnings as LUNA moves higher while the holder of the previous LUNA version and UST stablecoin recover the losses from the Terra crash. Fadi Aboualfa, head of research at the cryptocurrency broker Copper said:

“This is pure gambling that crypto has never seen. One of the most important things about crypto is the brand or the marketing and the community. Terra has burned its community, and the brand is dirty. No matter what they do here, it will be meaningless.

Will Terra 2.0 succeed?

Of course, it is too early to say anything about the new Terra blockchain. But looking at the massive collapse earlier this month, analysts are largely bearish for Terra 2.0. In a speech to Bloomberg, Thomas Dunleavy, senior crypto research analyst at computer company Messari, said:

“This initial volatility just shows me that Luna 2.0 is now a speculative asset, and will probably trade on narrative until they can regain trust in builders to bring fundamental value to the new ecosystem. I really, really doubt they can do that. that with so many other great and well-funded alternatives out there. ”

In the midst of the massive price fluctuations in LUNA, the cryptocurrency has largely become “illiquid”. As a result, several holders of UST and former LUNA continue to hold the new crypto as well.

Bhushan is a FinTech enthusiast and has a good grasp of understanding the financial markets. His interest in economics and finance draws his attention to the new markets for blockchain technology and cryptocurrency. He is continuously in a learning process and stays motivated by sharing his acquired knowledge. In his spare time, he reads thriller novels and sometimes explores his culinary skills.

The content presented may contain the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.

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