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Terra 2.0 Prospects: Is LUNA Price Destined To Meet The Fate of LUNC Price?

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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May 28, 2022

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  The crash of Terra Luna (Now “LUNC”) has left the masses of the crypto industry in dread. The de-peg event has been a historic one in the business. And had brought about a myriad of opinions on what should and should not be done. After all the ifs and buts, the makers have finally rolled out the Terra 2.0 and the LUNA token. 

However, not all is bright and sunny, as a sizable section of proponents from the industry have been fretting concerns about the move. Which may lead to a large group of investors parting ways with their hard-earned money. Successively, a protagonist from the business tries connecting the dots revolving around the airdrop received by an address. 

Is A Catastrophe Awaiting For LUNA?

  A proponent from the industry iterates the Mirror hack to his 55.2k followers on Twitter. He cites the Mirror attacker, who had drained $88 Million from the short contracts. Has received an airdrop of 2,129,681 LUNA. The protagonist has also shared the attacker’s ETH address and the Wormhole bridge transaction moving UST onto Terra. He further cites that the attacker now holds the new LUNA tokens.

Which has come at the cost of stealing funds from thousands of Mirror users and locking their funds. That had set them back with losses accounting for millions. The thread also highlights that the wallet sold its UST just before UST hit $0.6. The liquidations made by the hacker further brought the price to $0.1. Which helped the attacker receive the huge airdrop. The proponent then concludes by saying good timing. 

Partisans have been pondering over the possibility of VCs and big money investors pumping LUNA’s price only to dump it later. To make up for the losses from the de-peg event. Moreover, the crypto town is also spectating talks of LUNA’s airdrop scams. Wherein scammers could attempt to make hay, by drawing in investors. 

Also Read: Terra 2.0 Finally Launched! Read This Before Making Any Move With LUNA!

Summing up, while it is too early to arrive at a judgment, it is advisable to wait for things to settle down. As it is rightly said, better safe than sorry! That said, with the price of LUNA now at $6.03, time would unveil the prospects of the altcoin. 

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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