South Koreans keep their faith in Luna

South Koreans are not giving up on Luna, a cryptocurrency that is tied to stablecoin TerraUSD, which in turn is pegged to the value of the US dollar.

All would have gone well had it not been for last week’s crash that wiped off more than 90% of the value of TerraUSD and, with it, caused Luna to crash.

However, South Koreans are still piling on the currency and investing heavily in it. They cite the minuscule prices of buying and owning the cryptocurrency as one of the reasons why they have gone after it despite common sense suggesting they should cut their losses and run. People have lost $42bn on the Luna/TerraUSD debacle which is yet to be explained in full.

The collapse happened over several days between May 9 and May 12. The effects of the crash are still felt. There are already some opinions put out there that they will revive it.

In a blog post, popular internet platform Naver said that developers are already planning to bring it back, citing Luna’s top-performance status prior to the crash, but there is no real mention of who the developers that intend to revive it are.

However, not all cryptocurrency exchanges are willing to allow consumers to buy. South Koreans seem to be buying through their biggest regulated exchanges right now, including Upbit and Bithumb.

Whether this speculative confidence will lead to any improvement for the market is difficult to say. For the most part, there is no coming back for investors who have spent hundreds of thousands.

Some have even talked about “suicide” and others admitted to having lost all but having the “grit” to push through.

If you want to remain unscathed from such crashes, remember to only trust proven blockchain projects.

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Updated: 05/19/2022 — 15:00