My Full Experience With LUNA - Trying To Catch A Falling Knife

2개월 전

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After the first LUNA crashed, the team created a new LUNA (LUNA2.0) and renamed the old Luna Classic (LUNC)

Everyone's experience with the old LUNA, now known as (LUNC), was either favorable or negative, depending on whether they sold early and profited or bought at the top and saw their investment plummet to zero. Today, I've made the decided to share my own personal experience.


How It Started


If you're current with or active in the crypto ecosystem, you're probably aware that the Terra blockchain is one of the most developed, with a slew of projects and ecosystems built on top of it. I'd heard about Terra (Luna) for a long time, but I didn't always seem to pay attention to the project until I came across an article online that explained Terra and how its stable coin (UST) will change the world of finance, further explaining how the stable coin uses a decentralized algorithmic to maintain its peg, backed by LUNA, and that as demand for UST grows, so does the supply of LUNA reduces, thereby increasing the value of LUNA.

This was the point at which my interest in Terra blockchain grew. As a crypto lover, and because of my passion for crypto research, I dug deeper into the Terra blockchain and its ecosystem.

And it wasn't long after I finished my research that it was reported that Terra (Luna) UST had surpassed BUSD as the most popular stable coin after USDT and USDC.

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source

After hearing this, I became particularly fond to Terra blockchain and its ecosystem. The project's potential and objective prompted me to purchase LUNA, which I did on November, 2021 by purchasing 2.5 Luna when it was trading at $40 and decided to hodl.

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Screenshot From My Binance Account


Prepare For The Unexpected.


Earlier this year I decided to sell my 2.5 LUNA because I need money for some personal projects, I sold when LUNA was trading around $85 and then I stopped trading and focused more on blogging and attending to my physical project. I wasn't really active in the market. Like I said my focus was my physical project and whenever I'm less busy I publish post on Steemit.

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Screenshot From My Binance Account

Early this month, I recall the global crypto market drop as a result of BTC falling below $30,000, which had an impact on the value of various alt coins, including Luna, which lost value. I was surprised to see Luna at $56, down from its ATH price of $119.55; at first, I assumed it was due to the global Bitcoin fall, but then I realized it could be a nice buy opportunity. But, fortunately for me, I'm more focused on my project and don't want to spend my money in buying LUNA. That's right, I was fortunate not to buy at that price thinking it was the best buying opportunity.

I went back to work on my project, and when I came back, I saw that BTC had declined below $27,000. I decided to investigate the cause of the drop, and then I noticed Luna and UST were also trending. When I learned that UST had lost its peg below $1, I decided to authenticate the story by checking my Binance account, where I discovered that UST was valued roughly $0.6 while Luna's price was fluctuating between $10 and $12. Seeing LUNA one of the top 10 Cryptocurrency tumble from $30 to $10 in less than two days felt like a nightmare to me.

I was delighted that I didn't buy at $46 two days ago because I would have been in deep shit right now if I had.

The next few days were particularly terrible, with BTC falling below $24,000, its lowest level since last year's ATH. LUNA, on the other hand, continues to plummet, ranging between $1.5 and $6, up and down, more like a pump and dump in less than 15-30 minutes; it keeps repeating this cycle and doing X2-X3.

I viewed this as a good opportunity to double my money, so when LUNA went to $1, I saw it as a good buy opportunity to double my money quickly, so I quickly used part of my BTC to purchase LUNA.

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Screenshot From My Binance Account

When LUNA was trading around $1, I bought 100 LUNA with 0.00395 BTC ($100). It rose to $1.5 in less than 5 minutes, giving me a 50% gain, but I didn't sell because my target is $2 to $3. It dropped back to $1, and I was punching myself for not selling. I promised myself that if it hit $1.5, I'd sell and buy back, but it only got to $1.36 before it started dumping. It dropped below $1 and plummeted to $0.8, resulting in a 20% loss on my investment. I decided to invest another $80 and promised myself that if it reached $1, I would sell and utilize the profit to compensate for my first loss...

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Screenshot From My Binance Account

I deposited another $80 in BTC and used it to purchase LUNA, which fell hard and quickly to $0.5. I began to feel panicked as I watched my investment plummet in less than an hour. Since I couldn't stand watching my investment plummet, so I placed a sell limit order at $1 and went to bed, hoping it would be filled when I awoke. I woke earlier than usual, logged into my Binance account, and was shocked: LUNA had dropped below 1 cent, to $0.093. I was completely taken aback. I was completely lost as to what to do and wished I could go back in time and prevent myself from investing in LUNA.

And I observed that LUNA was doing what it has been doing since, fluctuating and doing x5, and that it was repeating this process every 5 minutes. Because I was desperate to get my money back, and I had seen various posts on Twitter claiming that individuals were making X4 their investment on LUNA in less than 10 minutes.... I deposited part of my TRX and converted to USDT to make up for my loss. Then I used the USDT to buy LUNA again in the hopes of making X4 as well.

Screenshot From My Binance Account

I bought 634 LUNA with 36.17 USDT when it was trading around $0.057 and it reached $0.24, more than X2 of my 36.17 USDT investment, so I decided to wait, most likely to make X4 and also because I was hearing rumors that the team was working on fixing the peg back, which would cause LUNA to return to $5 or more... I made the decision to wait once again.... I logged out of Binance and went about my life as normal. I checked again in the evening, and this time it was disheartening, and I felt like crying. My $200+ investment has suddenly dropped to $5.

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Screenshot From My Binance Account

I was heartbroken to watch my investment go down the drain. I was weak, but after phoning and conversing with some friends, I felt better, and one of my friends even sent me money. I quickly got over my loss. Keep in mind that my Luna loss will not deter me from investing in and embracing cryptocurrency. This is a place I'll never want to leave, and I believe we learn something new virtually every day.


My Strategy and Next Steps


As I previously indicated, crypto and blockchain technology have always been a part of me, and this is a field that I will never abandon because it is something I am passionate about. The loss has both taught me a lesson and given me more experience in the crypto world.

This hasn't lessened my enthusiasm for crypto and blockchain technology; in fact, it has grown as a result of the opportunity to learn new things during the incident. I've put my trading on hold for the time being, and I've deleted almost all of the trading apps and tools from my phone. My current focus is on Steemit, where I want to increase my SP while also maintaining my club100 status. According to what I've heard, there will be an airdrop for LUNC holders (old LUNA holders) now that the new LUNA has been launched. I don't want to talk about the new LUNA project, I just hope people invest with caution. And for the Airdrop I don't really know much about it, but I've received my own though.. For holding 837.31185 LUNC (old LUNA) I've gotten 0.00384326 LUNA (new LUNA)


Screenshot From My Binance Account

The airdrop doesn't even worth a cent, compared to the total price I've invested on LUNA... I've counted it as lost already and have moved on already.

I hope you all stay safe out there and never invest all your money in one project, because anything can happen at anytime. Thank you all for reading

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I can't begin to imagine what you would have gone through losing such amount of investment in a short time, as you have stated, we should be careful and make sure we make proper fundamental analysis before venturing into investing in a particular coin.
You were not the only one shocked as to what luna has turned into, a coin is that has proven to be a good project, just got dumped like that, I read some article saying it was a rug pull, nevertheless the case is done and the investigation as to why the coin lost values is still on I think, you have learned your lesson and I hope you never make such a mistake again.

Am sorry for your loss, and investing more in steemit will generate more interest for you in the long run.

I love the way you have presented your publication,
Steem on

It's quite unfortunate dear friend I feel your pain. Sometimes life happen but we move on regardless. There are time we make profit and there are time we experience loss as well. In all we have learn to be strong and always bounce back! Am sure you will get over this with time.

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A very valuable experience. Some of my friends were also affected by Luna's "tragedy". ️

I agree that in any investment we should not use all the money we have and not on one project.
Keep the spirit friends, hopefully your losses in Luna will be replaced in steem. :)
#Steem on!