Luna!!! a coin that caused many individuals to become homeless as a result of the project's failure.
I'm not sure how I felt or what to say about the LUNA crashes at this level. Was it a Rugpull or a Scam? I honestly can't say that since LUNA appeared to be a very enticing and reliable project because it was among the top 10 crypto projects in the world, it was performing so well that many people were putting their money into it in the hopes of making more money in the future, and the C.E.O. of Terra LUNA Do Kwon had such high confidence in the LUNA project.
LUNA dropped abruptly and drastically, causing a lot of confusion, fear, doubt, and uncertainty (FUD) in the crypto market. It's now to the point where you may read or watch videos on the Internet about LUNA, branding it and every other cryptocurrency a ponzi.
Considering how I feel about how the crash happened and how it was managed by the Terra team, I still believe LUNA wasn't a scam; I believe it was a failed project caused by poor team management.
But, if you look at the brighter side of it, Luna changed many people's lives, both those who invested early and profited when it sky rocketed before the crash and those who took full advantage of the crash and shorted LUNA on future trading when it was collapsing. Imagine how much money you could have made if you shorted LUNA at $70 with $1000 or more and used 20x leverage. That would be a huge significant amount of money.
As I previously stated, I'm not sure if considering LUNA a scam is accurate, but it is certainly eye-opening. However, the anticipated next stage for the Luna2.0 is creating some questions about how beneficial it will be for Luna holders.
Huge amounts of money were lost in the LUNA crash while some people literally witnessed their life savings go to zero without anything they could do about it. I was so unlucky as I was trying to take advantage of the crash and end up losing my investment, although I haven't sell it off because, still hoping for a miracle if there will be probably one. Cryptocurrency is still a revolutionary technology, and many crypto projects, particularly shitcoins, are unlikely to succeed. That is why I advise you to conduct thorough research and fundamental analysis prior to buying or investing on any crypto projects. Check the project's team and their previous record, check the white paper, what problem the project is willing to solve, will it be a long term or short-term. The project plans (roadmaps) and even the exchanges it's listed on including the trading and market volume.
And don't forget risk management, never invest what you can't afford to lose, and always make sure your spread your investment.
I hope we have learnt something from this Luna crash, this will definitely serve as a big experience.