Binance, one of the largest crypto trading exchanges has removed LUNA coin USDT futures trading pair from its platform. This news has further ignited the sell-off. Now the Terra LUNA continues and it is getting worse.
Binance delisting a coin is very destructive news for any cryptocurrency. Binance has taken this step in order to protect its users from the extreme volatility of the LUNA coin right. People have lost so much in this coin. Billions of dollars have been wiped off LUNA coin.
Binance response to LUNA volatility
Terra LUNA coin has been extremely volatile. This volatility is baiting small investors to ride the dip but there is a very likely probability of a further crash which is why Binance has halted the withdrawals and removed the futures trading pair of LUNA.
In addition to this, other exchanges like eToro and Bybit also has suspended the trading of UST pairs and also delist LUNA/BTC spot pairs. With the extreme measures taken to stop the future trading of LUNA & UST, it is now expected that the price may get stabilized very soon. On the other hand, the official Twitter account of TerraUST has put up its plans to stabilize the conditions and burn UST tokens.
LUNA founder Do Kwon is in danger
Terra Lab’s founder, North Korean Business Tycoon Do Kwon is under the radar of the US SEC and many government authorities in suspicion of market manipulation. Most analysts and investors are criticizing Do Kwon for the massive downfall of the Terra ecosystem.
Not many people know, that this is Do Kwons’s second stablecoin failure. According to a repot, Do Kwon had previously run a stable coin called Basis cash which has failed miserably. Prior to UST, he experimented with an algorithmic stablecoin which failed abruptly.
Should You Buy LUNA dip?
No, because it is highly risky at the moment. LUNA’s extreme volatility can easily burn down any investment made now. There is a very high chance of losing everything invested into Terra LUNA at the moment. this is why I advising to stay away from LUNA as long as there is some stability.
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