News

LUNA Approaches Shiba Inu Prices, Binance Relists LUNA, LunaInu Meme Coin Pumps

After resuming its blockchain several hours ago and activating the network again, Luna continues its downwards spiral, closing in on Shiba Inu prices. The cryptocurrency lost billions in market capitalization within a few days, leading to one of the biggest market collapse crypto markets have seen to date. Investors are troubled, and many declare Luna to be dead. Let’s look at the future for LUNA price and its stablecoin moving forward.

Binance Relists LUNA

After suspending trading and withdrawals for LUNA and UST for roughly six hours, Binance relisted LUNA this morning as block production for Terra Luna resumed. Users can now trade and withdraw LUNA from the exchange and transfer it to third-party wallets.

UST 1D // Source: CoinMarketCap

Shortly after relisting LUNA and UST, we saw the UST price pump from a low of $0.13 to a high of $0.2155. Unfortunately, the chances of UST re-pegging to $1 soon are slim to none.

The CEO of Binance, Changpeng Zhao, published a series of tweets exclaiming his disappointment with the Terra Luna team and their lack of communication regarding the whole debacle. Comparing it to Axie Infinity, who took responsibility, came up with a plan, and communicated it to users, exchanges, and investors.

LUNA and UST Memes Begin

As with any dramatic event in cryptocurrency, the memes are soon to follow as humor is the best medicine for situations like this.

Twitter memes are plentiful, many attempting to make light of the stressful situation the founder of Terra Luna, Do Kwon, and Luna devs find themselves in right now.

In addition, a meme coin by the name LunaInu has been seeing a significant pump in the last few hours, more than doubling in price this morning.

Related Post

According to LunaInu’s official website, the cryptocurrency was initially created to honor Jeff Bezos’ Dog “Luna.” However, since the Luna & UST crash, Twitter has turned to $LUNAINU as an alternative to LUNA, promising 100X returns for investors who lost money on LUNA.

It goes without saying that traders should exercise caution when trading any meme coins, especially ones with low liquidity.

Official Luna Subreddit Locked

Due to the number of posts and threads, the official Terra Luna subreddit has been restricted for new users. The latest posts are from two days ago, and no new users can create threads.

For those looking to participate in Reddit discussions and share their thoughts on the matter, a new subreddit called Terra Luna Unlocked is highly active right now, and we recommend checking it out for the latest info regarding the Terra Luna situation.

Due to the way the Terra Luna team handled the situation and the lack of communication on their part, the chances of either LUNA or UST recovering are minimal. The fact exchanges relisted LUNA also means that the plans for a potential snapshot of LUNA and reverting the blockchain will most likely not happen.

The good news is that LUNA saw a price increase from a low of $0.00002671 to the current level of $0.00008177. Its market cap is currently $505 million, with a 24-hour trading volume of $1.6 billion.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.

Follow us on Twitter @themerklehash to stay updated with the latest Metaverse news!

Image Source: rimidolove/123RF

Paul Brabus

Paul Brabus is a crypto journalist and enthusiast. He loves reading and writing about all things crypto.

Share
Published by
Paul Brabus

Recent Posts

TRX Price Prediction: Tron Network Fee Cut to Spark New ATH?

Back into Spotlight: Tron Network Fee Cut Could Push TRX to ATH, But This DeFi…

8 hours ago

Altcoin Alert: Crypto Market Cap Breaches Key Level Hinting at an 8000x Rally for this Shiba Inu Killer

Shiba Inu (SHIB) gave enormous returns in 2021, making many early holders millionaires. After the…

12 hours ago

XRP Crash? XRP Falls Below $0.5 Resistance Level as Next Gen Altcoin JetBolt Takes Over

Spooky season might be over but doom is still looming as Ripple’s XRP falls below…

15 hours ago

This New Exchange Token Is Poised for a Price Surge Alongside Cardano and Avalanche – Analysts Predict Huge Gains This November

Three promising altcoins are causing a stir among investors this November: Avalanche (AVAX), Cardano (ADA),…

15 hours ago

With Dogecoin Dipping and TRON Holding, Is Lunex the Hottest Crypto Now?  

Everyone knows what the hottest crypto can do. When it was so hot it was…

15 hours ago

Tron Fees To Be Cut In Half Through Proposal 95, Cutoshi Surpasses $600k As TRX Investors Join CUTO Presale

The Tron network has witnessed incredible growth in several areas, especially in its adoption, which…

16 hours ago