Shaky Restart 🏃‍♀️

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Shaky Restart

Yesterday we discussed how the Terra community and its developers have decided to regroup and launch a “Terra 2.0.” The idea scraps the former centerpiece of the project and Stablecoin “Terra,” which helped trigger the collapse. In the revived version of the project, Terra plans to distribute tokens to holders of the old Luna, soon to be renamed “Luna Classic,” and UST tokens. Investors and developers appear mixed on whether the revival will succeed. So far, the new token “Luna Classic” has not been performing too hot. The token is trading on exchanges including Bybit, Kucoin, and Huobi. Binance, one of the largest crypto exchanges in the world, plans to list Luna on Tuesday. The price movement of Luna Classic was initially positive, with the token reaching a peak of $19.53 on Saturday before tanking to just $4.39 hours later. According to CoinMarketCap data, it has since settled at a price of around $5.90.

One of the major concerns weighing down the price of Luna Classic is the competition in the crypto space. With so many other Layer 1 blockchains, Terra 2.0 will be just another competitor in a game where many others are already far ahead. To top it all off, investors and developers in the Terra Ecosystem were highly skeptical of Terra 2.0 given what happened the first time around. Even so, Terra is going ahead with an “airdrop,” in which most tokens will go to those who held Luna Classic and UST before their collapse, in an effort to compensate for losses.

What do you think about the negative price movement in Luna Classic, and will the token ever return to its former glory?

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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