World-leading cryptocurrency broker eToro has announced the re-listing of LUNA.
This comes after an earlier move to delist it, following the series of events that started on May 9th and led to a collapse of the entire Terra ecosystem. So, is the re-listing a greenlight that LUNA is a top cryptocurrency to buy now?
eToro suspended LUNA trading on May 12th, when this cryptocurrency dropped to a low of $0.0099. This was a highly volatile time for LUNA, where gains and losses of 500% were experienced in hours. LUNA even hit lows of $0.000000112.
Based on this volatility, eToro decided to suspend LUNA trading, to protect investors from the risk of a further price collapse.
Investors Still Want To Buy LUNA
There was investor outcry after LUNA was delisted from most top cryptocurrency exchanges. To meet customer needs, some exchanges have started re-listing LUNA.
The investor outcry has a lot to do with the feeling of a missed opportunity to trade the volatility that followed the UST de-peg.
For instance, after LUNA dropped to a bottom of $0.000000112, it bounced back 500%. Anyone who bought at the bottom made a lot of money. Unfortunately for most speculators, this was when top exchanges like Binance and eToro decided to suspend trading.
The feeling amongst many traders is that exchanges have no right to shield them from volatility.
The idea is that anyone in crypto understands the risks. As such, they should be allowed to trade regardless of the market volatility.
These restrictive measures by centralized exchanges have contributed to the surge in DEX popularity. Uniswap and Pancake, and even new DEXs like DeFi Swap are on the rise for this very reason.
eToro is one of the more progressive cryptocurrency brokers, hence their move to re-list LUNA.
However, being a regulated and responsible broker, eToro has set in place mechanisms to protect investors from the worst of the market. For instance, you cannot buy LUNA as a CFD, and the max you can buy on the spot market is $2000. Essentially you can buy LUNA on eToro for up to $2000.
eToro has also displayed a clear warning for new investors who want to try their hand in LUNA. The message reads – ‘Please bear in mind that liquidity on this asset is unstable, and this asset may be disabled again in the future.’
Is Terra LUNA A Good Cryptocurrency To Buy Now?
We have handled LUNA price predictions in the past, and you can check them here. However, unlike in the past, a lot has changed for LUNA recently.
For instance, the supply of LUNA has shot up to 6.5 trillion. This has triggered a massive dilution in value, given that before the crash, LUNA had just about 350 million tokens in circulation.
With such a huge token supply, it would be difficult for LUNA even to test one cent in the foreseeable future. That said, for anyone who was not into LUNA before and is only buying it now, there is a chance that the price could move higher.
Currently, LUNA has a market capitalization of $920,271,578. This is a massive drop from a few weeks ago when LUNA had a market cap of $40 billion. From a top 10 cryptocurrency, LUNA is currently ranked #213 on CoinMarketCap.
A Possible Hard Fork
One thing that could boost LUNA holders is if the proposed Terra hard fork sails through. The fork plan already has support from a majority of the validators.
The LUNA hard fork aims to eliminate the US as T and focus on Terra’s other strengths, including its DeFi ecosystem.
Crypto Exchanges Where To Buy Terra LUNA Today
While LUNA has been delisted on multiple exchanges, you can buy LUNA on the following exchanges today.
What Is Terra? Should You Invest In LUNA
Is Terra (LUNA) A Good Investment?