Terra 2.0 went live on May 28 as part of Terra co-founder Do Kwon’s “Terra revival” plan, which was approved by the community. Following its demise, the original Terra blockchain was abandoned and rebranded as Terra Classic.
After losing approximately 70% of its value in the first 24 hours, investors who lost billions of dollars in the crisis began to lose hope of a speedy recovery. According to CoinMarketCap data, LUNA was trading at $2.69 at the time of publication, down 6.40% in the previous 24 hours. The original LUNA was trading at about $86 on May 6.
Khaleelulla Baig, founder, and CEO of KoinBasket, believes LUNA has no future: “Everyone wants to exit the new Luna as the founder, Do Kwon, has lost credibility among the community.” Luna has no future’’.
While Mati Greenspan, founder of Quantum Economics, believes the new terra (LUNA) token was never meant to survive, saying “Luna 2 was never meant to survive, it was simply a mechanism for some who were heavily invested to recoup some of their losses at the expense of new money coming in from the hype.” I don’t see any reason for the price to go up ever.”
According to Kunal Goel, a research analyst at Messari “Terra 2.0 suffers from multiple problems. It has gone live in an unfavorable macro and crypto environment. Without an algorithmic stablecoin, it has no clear point of differentiation from other smart contract platforms. Finally, the regulatory overhang is a key concern in investors’ minds.”
Terra, according to Riyad Carey, a research analyst at Kaiko, has the baggage of being linked to the largest ever crypto crash. As a result, the road ahead will undoubtedly be difficult.
Jan van Eck, the CEO of VanEck, an $80 billion asset management firm, believes bitcoin, which has been on a downward trend recently, might hit $250,000. However, van Eck warns that reaching such a price threshold could take decades.
Bitcoin was changing hands at $28,293 at the time of publication, down 58.88% from its all-time high of nearly $69,000, reached in November 2021, according to Coinmarketcap.
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