On May 30th, Terra 2.0’s token, LUNA, which was meant to spring life back into the token, wiped out 70% of its wealth within 48 hours. The knee-jerk reaction of the bear market also caused the old LUNA, now LUNA classic, LUNC to go down in value by 100%, leading to its removal from major crypto exchanges – eToro included.
However, it seems that confidence in the token has not been lost. As soon as the price started to show some sign of stability, trading platforms began to list back LUNC.
eToro has listed LUNC once again – But with a Major Warning
Two days ago, the team of eToro came up with an important announcement, stating that it would relist LUNC as it delisted it on May 26th 2022.
Although it was straightforward in its announcement, it has also stated that the current market is volatile, and there is a chance that LUNA could drop once again. When that happens, eToro will delist LUNA again from the trading platform.
It has also stated further points, all of which explicitly says that the users should be careful.
It has warned users that LUNA is a:
- High-risk cryptocurrency and currently is witnessing extreme volatility.
- Order Pauses and cancellations can happen.
- The blockchain vulnerabilities and low trading volumes combined with high market illiquidity are not doing the tokens any favour.
Needless to say, eToro is pretty bearish about listing LUNA on the platform. It has also said there is a high likelihood that whosoever will invest in LUNC might lose their funds within a short period of time.
They are also not too confident about the new crypto’s security either, warning that $LUNC can be removed later if it doesn’t hold up to the security standards followed by eToro.
eToro’s Stance on LUNA 2.0
Those who are still willing to put their stake in LUNA are wondering if LUNA 2.0, the new crypto on the forked, Terra 2.0 blockchain, will ever drop on eToro.
To their queries, eToro has responded that it is monitoring the situation and will share more details about the same in future.
The answer is extremely diplomatic, but since it is not an outright negative one, it might be a cause of celebration for a few of those who still have hopes that LUNA will return into the good graces of the blockchain community.
What is LUNC?
LUNC is the result of DO Kwon’s Luna recovery plan to revitalize the Terra Blockchain as a hard fork and replace the old coin.
It came into being after the Terra LUNA vote, and with it, the Terra is hoping to be rescued from the LUNA crypto crash that didn’t only depeg UST but also momentarily crippled the blockchain ecosystem.
The once top 10 cryptocurrency’s market value dropped by 98% within a span of 24 hours.
The impact of the crash was dire, with many users fearing that they would lose their homes.
So, what is LUNC, really? Simply put, the hard fork (something that Do Kwon doesn’t want to admit) led to two different blockchains. The Terra Classic and Terra 2.0. LUNC is part of the old terra, carrying over LUNA’s old circulating supply of 6.5 trillion.
Your capital is at risk
They’re doing it because they don’t Want to do an Airdrop – says the Community
The reactions to eToro relisting LUNC ranges from indifference to questions about why it hasn’t listed the new LUNA token.
And none of those with the questions is subtle about it either. Many have blatantly stated that eToro is still not listing LUNA 2.0 because it has no intention to give out the airdrops.
Scrolling down the announcement, we learned that only one of the traders was talking about LUNC.
Another reason that traders are so curious about it is that most major cryptocurrency exchanges are listing LUNA 2.0
LUNA 2.0 Gets to Major Exchanges
Many cryptocurrency exchanges were ready to extend their support to LUNA’s revival and help crypto investors. The major names include Binance, Kraken, FTX, and more. These exchanges airdropped part of the LUNA supply to those still holding the old tokens.
The launch of LUNA was rocky at best. Many thought that the LUNA price would be around $50 at launch. But the token launched at $17.8. And although it grew to $19.53 later in the day, it retraced quickly by 72% to nearly $5 the very next day.
The live price of LUNA 2.0 at the time of writing is $6.7 and is down 57% in the last 24 hours.
On the other hand, LUNA classic is currently trading at $0.000100.
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