Can I Buy LUNA Coins? Luna Coin Latest Status!

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With the news that came minutes ago, the price of LUNA started to increase. Terra founder Do Kwon made history for the first time. First of all, it is extremely risky to buy LUNA at these levels, we need to underline this in the first place. So why did people suddenly start showing interest in LUNA? How are victims compensated in the recovery plan?

Luna Coin Latest Status!

The recovery plan recently announced by Do Kwon talks about a hard fork. The existing Terra network will be forked and the old network will remain with the name Terra Classic, while the new network will continue with the name Terra and the token with the name LUNA (LUNA). So how will UST and LUNA investors be compensated for their losses? According to the statement made by Do Kwon, 60% of the new token will be airdropped to investors who purchased LUNA, UST on or before May 7.

Pointing to May 27 as the launch date of the new network, Do Kwon said that investors who purchase LUNA, UST between May 7 and May 27 will be airdropped of 10% of the new token. LUNA supply has exceeded 6 trillion and UST will be completely wiped out after bifurcation. The supply of newly minted LUNA tokens will be a maximum of 1 billion. Most of the tokens that come with the airdrop will be locked for 2 years.

Can I Buy LUNA Coins?

After the announcement, the following perception emerged. If a snapshot is to be taken on May 27, LUNA demand will explode as the new network is close to launch. Naturally, the current price will increase even more and investors who want to increase their vesting from the airdrop will flock to LUNA. However, this may be an incorrect assumption. Because we recently saw 90% below the current level that LUNA has already found buyers. So there are a lot of LUNA coins that bottom buyers can sell. The 1000 percent gain is extremely satisfying and we may encounter serious sales in the coming hours.

The 100 million LUNA coins to be airdropped will be split into approximately 6 Trillion + UST holders. If we consider 50 million of this as going to LUNA owners, with a purely hypothetical calculation, 0.00000833333 new LUNA should be given to 1 LUNA owner. This amount can be calculated by Terra even less. They can even plan a gradual progress payment for those who buy between May 7-27, depending on the situation of supply. On the other hand, there is no guarantee that there will be demand for LUNA after the fork, and the 2-year lock period is really high. When we take all this into consideration, we can better see the great risk posed by current buyers. In summary, buying LUNA or UST at these levels does not seem logical according to fundamental and technical indicators.