The demise of the initial Terra project is common news these days. Well, technically LUNA and UST aren't dead since they've been revamped to classics.
Let's face it though, there's no hope for Terra classic. LUNC and USTC are both destined for failure and they will continue being shorted until they fade into oblivion.
The emergence of Luna 2.0 and UST 2.0 presents either a new opportunity or something that could potentially get you rekt. Right now, the jury is still out on the project but it sort of makes me wonder.
At the time of writing, the new LUNA which will be referred to simply as LUNA henceforth hasn't exactly been listed on major exchanges. Also, I haven't had the time to actually investigate how many LUNA coins I'll receive from the rektdrop.
I'm just patiently waiting to see what I get on Binance because frankly speaking, I've pretty much given up on the project. My lack of urgency is due to my lack of faith in the project in general.
Terra 2.0 has promised to fork out the centralised aspect of the project, thereby transforming it into a community-run project but I really doubt it.
In fact, my suspicion is that Terra 2.0 will continue being a plaything for the tons of VCs that have vested interest in milking the project.
This means that while Terra 2.0 will take off and will do well in the market, it might still have the same frailties that led to the demise of the classic chain.
Will you buy Luna?
If you're holding Luna, your coin will be renamed to LUNC and then you will receive Luna airdrop. Right now, the new Luna has been listed on only one exchange and it is currently trading at around $14.
I'd advise you to be very careful with trading it because I expect some insane volatility, especially in this initial period.
Also, it is important to note that there's only a very small volume of about $6K worth of Luna circulating in Bybit, so the price there doesn't really reflect the true story for all Luna in existence.
If someone were to throw 500 Luna into the Bybit market, it would dramatically affect the price. So, take whatever market value you see on Coinmarketcap with a pinch of salt.
If I was a gambling man though, I'll buy some LUNA and wait for the fireworks. Can you imagine how high Luna could potentially rise to when Binance, Bittrex and other major exchanges start listing it?
You just know that they're going to pump it to the top of the crypto ranks, despite the project not offering anything beyond being the soul of a dead project.
In any case, the game is the game, so while the crypto industry is still hungover on pumping projects like these, all you can do is play by the rules, scalp up some profit and then reinvest it into actual working products.
In summary, I think Luna will get pumped all the way to the top by Lunatics and supporters of the project. The community will try to protect their project but with VCs still holding a major interest in the project, I wonder how long it will last before another "attack"?
