After the lesson learnt in the past fortnight, Terra is all set to become the fully-community owned chain to empower the ecosystem. While centralized exchanges like Binance, ByBit, etc are reportedly working closely with Terra for the LUNA 2.0 airdrop. On the other hand, the South Korean exchanges strongly ignore the LUNA 2.0, which may be due to the regulatory process undergoing.
The revival plan including the genesis block of the newly created LUNA 2.0 chain is on the cards. And hence the LUNA price is expected to skyrocket to as high as $50, targeting a market capitalization of $1 billion to $5 billion initially as predicted by an analyst. However, despite a significant upswing, some analysts do not believe in the rally and advice the followers to not buy ‘LUNA’.
The analyst and many people in the crypto-verse believe the LUNA 2.0 may also be a failure and the founder Do-Kwon will dump the traders again. He is still facing huge criticism and disbelief over the upcoming upgrade, as he failed to revive the original tokens. On the other hand, as per some reports, class actions are being prepared against Binance, Coinbase, Kraken & Gemini for the sale of UST & LUNA to US customers.
Collectively, after passing the revival plan by more than 65% votes, it appears that the community may remain scepticism about the performance of the LUNA 2.0. However, the LUNA 1 services would be suspended by May 26, 2022, and the services of LUNA 2.0 would begin on May 27. Therefore, the upcoming weekend may be extremely crucial for the crypto-space as another breakdown may result in another massive crash ahead.