🕵️ Is there a chance for the Terra's new LUNA token to go up to $100?
We talk about Terra Luna Airdrop and the surge on Cardano (ADA) today
gm frens 🤕 it is only Tuesday, so far from the next weekend. But you’ve made a smart choice. If you are still reading this, it means you want a change. That change is coming with web3 and you are early early. We’ll serve you with a quick bites of the latest news on space, will keep it short, just the way would eat your lunch when you’re on diet. Healthy stuff and portion control.
🕵️ Is there a chance for the Terra's new LUNA token to go up to $100?
Short answer, no. Long answer, absolutely not. We wrote about the Luna 2.0 launch the other day so if you have not gone through it, this would be a perfect moment for you to understand on what happened and how the airdrop of the new luna will be distributed to the existing holders.
Terra went live with the new Luna token launch over the weekend. As we have seen, it has not been performing that great. Upon launch, it went as high as $19.53, to go as low as $4 shortly afterwards.
Lot of issues going on currently. I believe lot of people are disappointed with Do Kwon and don’t believe that his intentions are good. Although, as we described it in our previous newsletter, the difference with the new Luna is that, it is 100% community owned and TFG’s (TerraForm Group) wallet is removed from the airdrop.
While today, at the time of writing this newsletter, we are currently sitting at $9.12 or roughly 45% increase in the last 24 hours. This rally comes after Binance distributed the first batch of airdropped tokens to LUNC and USTC holders. (The old Luna is called Luna Classic- LUNC and the old UST is now called UST Classic as well).
While during the weekend, Bybit and OKC supported the airdrop since launch, Binance seemed to delay it until today. Which I believe is intentional in a sense that they wanted to test it out and see whether it might work or not. Binance impact is seen already. There is more than $1.4 billion traded volume of Luna in the last 24 hours while the market cap is around $1.9 billion.
There is still an ongoing investigation from South Korean Authorities on Do Kwon as well as all Terraform Labs team. According to JBTC article (local media):
Prosecutors are paying attention to whether or not Terraform Labs officials, including CEO Kwon, were aware of and neglected Luna and Terra's poor design flaws in advance. In addition, it is reported that the prosecution is looking into the whole matter, such as whether there was an intentional price manipulation or whether the domestic virtual currency exchange went through a proper listing review process.
Investors affected by the crash have further sued Kwon and his co-founder, Shin Hyun-seong, with the prosecution. The number of victims who filed a complaint increased to 76 and the amount of losses increased to 6.7 billion won ($5.4 million).
Also, it is worth noting that we have not seen a really high sell-of pressure (it is still high though), mainly because of their decision on how the airdrop was handled, 30% of it unlocked at genesis, while the other 70% vested over 2 years (6 months cliff). Chances of Luna going up to $100, especially with the current investigation on Do Kwon and his team are still going on, are slim to none.
🦹♀️ What just happened with Cardano (ADA)?!
While BTC and ETH are staying relatively at the same levels they have been for the last couple of weeks, there has been a tremendous surge on Cardano (ADA).
If you’re not familiar with Cardano, let me explain it to you in simple terms. Cardano is another blockchain solution, just like Ethereum blockchain. In fact, they consider themselves as an improvement of Ethereum blockchain, meaning the exisiting issues with Ethereum blockchain are solved by Cardano. It has all kinds of applications, in DeFi (Decentralized Finance) and NFTs (Non-fungible tokens). As per their google page,
Cardano is a public blockchain platform. It is open-source and decentralized, with consensus achieved using proof of stake. It can facilitate peer-to-peer transactions with its internal cryptocurrency, ADA.
I get all that, but why the spike today?
Well, it appears to be related to their upcoming hardfork, Vasil hardwork as they call it. This would not be the first one for Cardano team to do a hardfork. Btw, hardfork is a fancy word for the upgrade that they plan on doing, which is expected to be released on June 29th, 2022. A more official definition on hardfork; “It is a software upgrade to a blockchain’s network, making previously invalid transactions and blocks valid.”
Hardfork is not very common among cryptocurrencies, unless in cases when there is a huge improvement expected to happen. As per Cardano, this upgrade will improve stability and connectivity which will enhance Cardano’s smart contract.
Cardano becomes sixth biggest crypto with 16% surge, in this way surpassing Ripple (XRP) by roughly $1 billion market cap. Although the focus has been mostly on Ethereum blockchaoin, Cardano got its own merit. There are lot of dApps and other solutions built on Cardano ecosystem. See this cool chart below.
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