After the Terra ecosystem collapsed in a very short time, many investors lost their long-term savings very brutally. LUNA’s fall didn’t even let investors understand what had happened, and it fell hard enough to affect the entire crypto world.
Terra’s head, Do Kwon, revealed the second plan to revive the project, with 9% of voters rejecting the proposal. The proposal made is that the new chain will not be linked to UST. Terra (Luna) suggests ‘hard fork’. Although the preliminary vote was not in favor of Do Kwon, the official management vote received 80% of the votes in favour.
BREAKING: $LUNA is up +100% in the past 24 hours. pic.twitter.com/VYJounoBaa
— Watcher.Guru (@WatcherGuru) May 22, 2022
Why Did Terra (LUNA) Price Increase 100%?
Terra (LUNA) price is up 100% in the last 24 hours. The first reason for this rise can be attributed to the difficulties experienced by traders after the majority of major exchanges stopped margin trading. LUNA margin trading not activated due to huge volatility
Last week, where investors wanted to make money in a short time, triggered similar rises. Despite these bullish moves, there seems to be no sign of the ecosystem recovering.
on the other hand Do KwonThe allegations of ‘s tax evasion also started to appear in the press, and the South Korean government fined Kwon 100 million won.
While all the developments continue, the LUNA community continues to propose a major approach to beat the current hyperinflation. Considering that the LUNA supply is currently at the level of 6.9 trillion, it is an undoubted fact that there is a serious supply.
The current rise or pump can also be attributed to the LUNA burning, evident from a user’s last tweet. A user tweeted asking Do Kwon to send him a burning address and replied to the user with an address.
terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu
there u go
— Do Kwon 🌕 (@stablekwon) May 21, 2022
While most investors seem to vouch for Do Kwon, a certain user gave Do Kwon a consoling response and said, “I see. It has probably been very difficult for you.” In the replies to this tweet, everyone agreed that it was to regain the trust of the community.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.