Land blockchain got a restart from LUNA 2.0 airdrop. However, LUNA 2.0 cost has dove to new lows, with over a 20% drop in its cost. Right now, Terra (LUNA) is exchanging at $3.44, somewhere around 20.28%
The Explanation for LUNA 2.0 Price Crash
Even though the entire crypto market’s flimsiness has affected the downfall, the force of FUD around the new money is as yet worth checking. There are tales of Do Kwon’s cooperation in forming the new Terra organization. Thus, this has prepared me to lose trust in the new environment.
The reports surfaced after FatMan, a Terra insider, guaranteed that Kwon and Terraform Labs lied about the new organization being a local area possessed. He asserted, “TFL owns 42 million LUNA, valued over $200 million,”
He further stated that Kwon was involved in the relaunch and utilized his LUNA assets to vote for the hard fork. Kwon let this happen despite community demands that he burn the tokens.
Although none of these accusations has been proven, they have created enough doubt to induce a large sell-off of the coin. Kwon’s choice to make his Twitter account private may have contributed to the ecosystem’s anxieties.
Furthermore, law enforcement officials in South Korea are investigating a Terraform Labs employee for suspected misuse of the company’s Bitcoin. Also, officials want to understand if Do Kwon was aware of the anticipated collision.
The Terra project’s MOON 2.0 price isn’t the only one that has suffered from these rumours. LUNA Classic has so far shed 100% of its value. LUNA Classic’s price has dropped another 11.3% in the past 24 hours, eliminating any possibility of a comeback.