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The sharp collapse of the Terra Luna ecosystem caused a lot of discussion and led to cascading failures across the cryptocurrency industry. However, the project doesn’t appear to have been completely buried yet and has just won over 25% in 7 days. So what is it Return to power from Earth ?
Terra 2.0 among the winners of the week
Terra Luna collapsed in May after losing parity national stablecoin, FSO. This crash showed it to the entire cryptocurrency industry Limits of stablecoin algorithmic but not only. This failure has led to the cascade of many players in the cryptocurrency industry such as Voyager, Celsius or even Three Arrows Capital. These failures have exacerbated the turmoil in the cryptocurrency market and have been the main cause of the market crash we have seen in recent weeks.
Try to rise from the ashes So the moon went to the crossroads, or the blockchain dichotomy. On the one hand LUNA Classic, an old token on the old blockchain, on the other LUNA version 2.0 of Terra. This is a similar case what Ethereum experienced a few years ago with Ethereum Classic.
Noticed this week back to the top of the rankings for the moon. Therefore, the new LUNA token is among the 20 most popular cryptocurrencies according to the specialized website CoinMarketCap. At the time of writing, the token was trading at $ 2.16 and was experiencing a decline. An increase of almost 26% over the past 7 days. Only Optimism, Oasis, Filecoin, Bitcoin Gold and Wing Finance performed better in the past week.
Token, on the other hand, knows this slight decline in the last 24 hours as well as in the whole market with less than 1.73%. So is it just a technical leap or an omen of one? return to the top of the Earth ecosystem ?
Is the Earth ecosystem ready to resurrect?
This recent Luna pump could lead us to believe that investors are starting to do so. Gain confidence and believe in the future of this project. Not only does LUNA benefit from such an increase in confidence. In reality, LUNA Classic is also experiencing a surge in interest many investors, as the weekly trading volume shows, this is enough $ 1.1 billion on August 2.
The Earth ecosystem always seems to matter to support your community as these recent increases demonstrate. However, this recovery remains fragile and LUNA’s market capitalization remains unchanged. Light years from before the accident.
Make kwon the center of all conversation
However, Terra’s anxiety doesn’t seem to stop. In fact, the Korean Ministry of Justice has one “Arrival message” for the CEO of TerraForm Labscharismatic Do Kwon e travel restriction for one of the founders of Terra, Shin Hyun-Sung.
All of this happens inside Korean Ministry of Justice investigation destroy Terra Luna. In particular, searches were carried out and many exchanges were also visited by the South Korean authorities. From transaction record and various items would be confiscated clarify this case which continues to give news. The SEC (Securities and Exchange Commission), a US law enforcement agency, continues to investigate.
If nothing has been definitively proven yet, it is Do Kwon. at the center of all questions and is particularly highlighted by the affected community of Terra. Specifically, studies showed that Terra Labs would have had more than $ 3.6 billion, which it did not state. Funds that could be used, in particular manipulate prices or even continue money laundry according to some observers.
These various allegations and pending litigation can polluting the Earth project for a long time and its version 2.0. It’s also hard to imagine that the public and investors will soon forget this spectacular crash and its aftermath!
To learn more about the collapse of the Earth ecosystem and the lessons to be learned from it, check out our article here.