The Terra LUNA crash shook the whole crypto market, whats with Terra now? As it crashed many investors and experts were concerned about the future of cryptocurrencies. The market was volatile on its own and the crash of Terra was an event many did not expect. This resulted in investors steering far away from the market and its volatility.
Many were able to justify this fall with the whales selling their favored tokens as a result of the decline in major cryptocurrencies such as Bitcoin and Ethereum. This caused widespread anxiety, confusion, and investment behavior changes.
Do Kwon has proposed several initiatives, the creator of the ecosystem, to revive the blockchain. However, investors were reluctant to give Terra another chance after its collapse. Hopes for a rapid recovery vanished once Kwon became involved in criminal accusations. The token lost more than half of its worth, and the new one could not adequately repay people who lost billions of dollars due to the crash. Terra LUNA has now increased to US $2, indicating some sign of recovery.
When Luna 2.0 was launched, experts saw no sign of the market recovering to its original state. If the price surge of Terra is in the near future, this will be a great success story. Investors don’t want to miss out if this is a sign of genuine recovery to a bullish market. Terra ecosystem’s CEO, Do Kwon, was initially charged with corruption and malpractice, negatively impacting the entire ecosystem’s reputation. This started fights between the anti and pro-Luna investors. A group of anti-Terra supporters brought justice to the investors who lost billions of dollars due to the crash by the end of 2022. In contrast, several Terra supporters applauded Do Kwon for stepping into the spotlight and accepting responsibility for the crash. In addition, creating programs and initiatives aimed at reviving the Terra blockchain.