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Many members of the crypto community believe in the revival of the Terra crypto project. In support of their point of view, representatives of the cryptoindustry purchase tokens of the platform
Members of the cryptocommunity have begun purchasing LUNA tokens from the Terra cryptoproject, despite the problems the platform has faced. Recall that in early May, the company’s stabelcoin, TerraUSD (UST), lost its peg to the U.S. dollar. After that, the platform’s native token LUNA, with which the developers adjusted the rate of the “stable coin”, went down.
Representatives of the crypto industry shared several theories about what happened. One theory is that UST’s decoupling from the U.S. dollar is a planned campaign. BlackRock and Citadel were suspected in the Stablecoin dump.
A few days after the UST crash, Terra project founder Do Kwon proposed a plan to rebuild the platform. Many members of the crypto community pointed out that it would be difficult for developers to resuscitate the stabelcoin and native token, as many investors had lost faith in the initiative. Notably, TerraUSD is not Do Kwon’s first failed Stablecoin.
As of this writing, both LUNA and UST coins are near zero values. Whether the developers will be able to restore the token rate is unknown.
LUNA and UST charts. Source: CoinMarketCap
Despite the risks, many members of the cryptocurrency community decided to buy into the cryptocurrency project. For example, Carl Runefelt, a well-known investor in the crypto industry, did so.
“Just invested another $30k in LUNA. Am I a genius, or completely stupid?”, the investor wrote on his microblog.
Screenshot of Carl Runefelt’s post
Many of Carl’s subscribers revealed that they also continue to invest in the coin. Earlier, there were also reports online that members of the cryptocommunity were buying up other project assets, such as the TerraUSD (UST) stablecoin. Among others, “stablecoin” was purchased by TRON founder Justin Sun.
Not everyone in the crypto community believes in the future of the Terra crypto project. The plan for its revival, among others, was criticized by the head of the largest cryptocurrency exchange Binance Changpen Zhao.
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