Against all expectations, we are witnessing a LUNA buying frenzy in South Korea

Against all expectations, we are witnessing a LUNA buying frenzy in South Korea

As some angry South Korean investors prepare multiple lawsuits against Do Kwon and designers of the terra (LUNA) protocol, others are snapping up LUNA tokens at ridiculously low prices, even as the crypto is currently pulled from major exchanges in the country.

According to news outlet Chosun, data from the country’s largest crypto exchanges shows that the number of customers holding LUNA tokens in wallets linked to trading platforms has “more than tripled” since the recent price crash.

the LUNA price fell nearly 100% from an all-time high of over $119 in April this year to an average of $0.00014534 (8:00 UTC), according to CoinGecko data.

Source: AdobeStock / Andreas Prott

The five South Korean exchanges authorized to trade crypto with KRW have announced that they will stop supporting LUNA, and some of them will stop their operations as of tomorrow May 20, 2022.

The Chosun newspaper, however, reports that “speculation” over a LUNA takeover appears to have sparked a last-minute buying spree among some investors, who seem to believe that buying tokens at low prices could pay off on some date. later as Kwon seems determined not to abandon the project and breathe new life into it.

According to Bithumb, which halted LUNA trading on May 27, nearly 7.2 million LUNA tokens changed hands in the past 24 hours, and prices fell from around $0.6 to $0.4 at the time. of writing this article.

In Chosun’s article, which was published in the early afternoon (KST) of May 19, the author noted that prices on the stock exchange Upbit were more than seven times higher than LUNA prices on international platforms like Binance.

Janet Choa Seoul-based journalist, told Cryptonews.com:

“This is absolutely typical behavior of some South Korean investors. After stock market crashes of similar magnitude, some investors rush to buy stocks at super low prices. This is a wild bet on an underdog , to use horse racing terminology, but the super low prices are sometimes too attractive for some more risk-aware people.”

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