Michael Abetz
Binance exchange announced the relisting of Terra (LUNA) and TerraUSD (UST), resuming spot trading of LUNA/BUSD and UST/BUSD.
In a tweet to the @binance Twitter account the relist time was set for May 13th at 2:00pm UTC.
Update – eToro also decided to relist Terra (LUNA) on May 19th.
Binance Relists LUNA
The tweet links to a post on the Binance website that explains Terra Labs resumed block production:
Fellow Binancians,
The Terra blockchain validators have decided to resume block production, disable on-chain swaps, and close IBC channels.
Binance will resume spot trading for LUNA/BUSD and UST/BUSD trading pairs on 2022-05-13 at 14:00 (UTC). Deposits and withdrawals for LUNA and UST will also open at the same time.
Please ensure that you have done your own research into the fundamentals of LUNA and UST before trading. Note: The current circulating supply for LUNA is ~6.5T (~95% of total token supply).
Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. There may be extreme pricing volatility. You are advised to seek independent financial advice. Binance is not responsible for your trading losses.
LUNA Price up 100x
On the day of the final leg of the LUNA crash – May 12th into the early hours of May 13th – the LUNA price hit a low of $0.00000112 BUSD, the current LUNA bottom.
The LUNA price hit $0.00008 – $0.00010 around the time of the Binance announcement, an almost 100x pump off the lows. It has traded as high as $0.002 on a wick – a 1785x increase from the bottom.
That move appears to have been a ‘fat finger’ situation with someone accidentally placing a large market order to buy LUNA instead of limit orders, resulting in slippage.
Should You Buy LUNA?
The circulating supply of almost 7 trillion LUNA tokens on the one hand will make it difficult for LUNA to recover to its all time high unless a large amount of LUNA supply is burnt by Terraform Labs.
In fact as some crypto traders pointed out, it would flip Bitcoin in market cap if it were to even approach its former ATH of $119.55, with that total supply.
Previously the circulating supply of LUNA in April and the start of May before the black swan crash was around 350 million LUNA coins.
The LUNA price can still make 100x price moves however, to the upside and the downside. Only invest what you can afford to lose as LUNA is highly volatile in the current market conditions.
You’ll need to buy Binance USD (BUSD) to then buy and sell LUNA on that relisted trading pair – Binance’s stablecoin pegged to the USD.
For a safer investment these five metaverse coins have recovered the strongest today as the crypto markets bounced.
These five altcoins and DeFi tokens are also undervalued.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
This article was written for Business 2 Community by Michael Abetz.
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