See what’s going on with the most-looked-at cryptocurrencies: Terra (LUNA), Gnox (GNOX) and Bitcoin (BTC)
In early May, Tuesday 9th, UST depegged and the horn was sounded on what would go on to be the largest crypto loss event recorded. UST was one of the largest stablecoins by market capitalisation and lots of investors utilised it in the highly popular Anchor protocol. Now UST sits at fractions of a cent, 18 billion dollars was wiped off the crypto markets in just a few days, and Terra (LUNA) collapsed. Pressured by the project’s supporters often known as ‘Lunatics’ Do Kwon has approved the launch of a new LUNA coin.
Terra (LUNA) Revived
Released on the 28th of May 2022 Luna 2.0 will be airdropped to holders of the old LUNA coin. The airdrop will be staggered over six months, and those who were invested before the crash will receive more than those who invested afterwards. The reaction amongst the crypto community is mixed. The Terra blockchain has abandoned the stablecoin UST and hopes to move forward without it. Terra 2.0 is a hardfork and replaces the old Terra network. LUNA 2.0 traded at close to $19 at its launch, but with many investors looking to get out and salvage whatever money they could, it quickly dipped to $4.39 on the same day but has since recovered slightly and currently trades at $8.47. The road ahead for Luna supporters looks long and troubled.
Gnox is a brand-new reflection token currently in its pre-sale phase slated for launch in Q2 of 2022. It will be launching on the popular Binance Smart Chain (BSC) but is currently accepting buy orders from multiple chains. The Gnox token has a buy and sell tax, thus part of every transaction goes to funding a treasury. This treasury is then used in DeFi protocols to generate revenue and the proceeds are reflected to token holders in stablecoin proportionate to tokens held. With current bearish conditions, a token that generates stablecoin for its investors looks outstanding in the short-term.
Bitcoin (BTC) Due Volatility
Bitcoin (BTC) currently trades at $31,000 hovering at the lows last seen during the summer 2021 capitulation. Since the events of early May Bitcoin’s price is yet to recover dropping down from $40,000 all the way to $27,000. Analyst opinion is split on the direction of Bitcoin’s movement. One thing that they all agree on is that the next few weeks are likely to be volatile whether Bitcoin sees a break to the top or a break to the bottom. The range of 28,000 to 31,000 is where Bitcoin is expected to trade for the following weeks, but any movement outside of this range will likely see movement in that direction.