Happy Sunday to All hivers, I will like to share on this article the lessons I've learnt from Luna crash.
Personally, I have not been so familiar with the crypto space but with luna terra crash, I have been able to learn some lessons which I will also like to share to Leo community.
I shall tends to elucidate more on this topic by talking briefly about the terra blockchain and it's relevance and also sharing alongside the lessons I learnt.
What is terra?
Terra is a blockchain based technology developed by a Korean firm. It had it's native token called Luna.
It was launched in 2019 which some sales were made of the Luna token with investment from major exchanges such as binance. Infact the market capitalization of Luna before the crash was almost estimated as $2.6 billion dollars.
Just of recent there was a news in the crypto space about the crash of Luna token which has left most of investors in great shock.
Series of news surrounding the media that created more panicking in the minds of investors about thier money was some allegations attached to terra influencers that made away with such huge amount.
However there is one thing unique to cryptocurrencies in terms of market capitalization, it is refered to as the total amount of money invested in the token by investors.
In a nutshell, terra influencers such as Do Kwon, made away with such huge amount of money. Some investors such as Fatman made a complaint and allegations against the team of Luna members which is seen below.
https://twitter.com/FatManTerra/status/1535623662153437185?t=2LALasQuExpCfIc2kiJ6mQ&s=19
- FatManTerra
However, with all of these allegations, Do Kwon has also come out to deny been involved in such activities claiming he also had an investment on Luna which also got lost aswell. You can see his tweets below.
https://twitter.com/stablekwon/status/1535811520734429184?t=uyAUObMQyG1ny84uE7xMhw&s=19
- stablekwon
I will also want to share my lessons learnt from the crash of Luna token.
Do not invest all your funds into one token
Yes, investments are source of earning but do not put all of your eggs into one basket because you never can tell if the basket is so strong to hold all of your eggs.
So likewise in terms of investment do not put all of your funds into one token. A lot of people who had done that has not been so comfortable with the action.
Take a look at the image below. I woke up one morning during the month of mad may and I realized my neighbor was just crying. Stating clearly he was part of the victim of Luna crash and guess what?
It was a money he borrowed from a loan company to payback as soon as possible when he has made some profits.
Always ensure you read chart as regards any investment you made. Study the chart often to check the nature of thier progress and make decisions as quick as possible.
A lot of investors just made the investment in Luna but never cared to check how it has been progress's or regressing. When you see it's on the loosing side, you can easily transfer or convert to usdt on any exchange it supports.
Here are some of my Facebook friends comments about the Luna crash because they never card after they mad the investment.
Conclusively
This article has been able to present a brief of the lessons I personally learnt from Luna crash. I don't know what lessons you also learn you can share them as well.
Sources
https://cointelegraph.com/news/do-kwon-dismisses-allegation-of-cashing-out-2-7b-from-terra-luna-ust