Many Vietnamese people still play games of chance with Luna

Although Luna continued to plunge, Hoang Phuong still spent 100 USD to buy this token on May 13 and suddenly saw the amount increased to 5,000 USD the next day.

"On the evening of May 13, when Luna dropped sharply to $0.00001 per coin, I thought I should try my luck. However, I didn't dare to buy much and was prepared to lose 100 USD to put it in." Mr. Phuong, who lives in Quang Tri, recounted.

Immediately after buying, Mr. Phuong was even more sure he would lose his money when he saw a series of cryptocurrency exchanges suspending the listing of Luna. But the next morning, he couldn't believe his eyes when the price of this token reached 0.0001 USD, making the amount of money multiplied by 10 times. He continued to hold until the afternoon of the same day when this token reached $0.0005, then sold it and collected $5,000.

On social networks, some people also boasted that they spent from 10 USD (the minimum amount to trade on some cryptocurrency exchanges) to several hundred USD and received thousands, even tens of thousands of USD. "It's like a lottery, I determined to lose 200 USD to spend on the morning of May 14, but unexpectedly in the afternoon I received nearly 1,000 USD," Facebook account Viet Nguyen wrote on a digital currency community with more than 100,000 members. The thread received more than 1,000 likes and hundreds of comments, with some saying they were similarly lucky.

However, not everyone is so lucky. Witnessing the increase of Luna token and much discussion, on the afternoon of May 14, Nguyen Thanh (Tra Vinh) decided to invest 1,000 USD to buy Luna for 0.0004 USD in the hope that this token will have a higher price. Even so, his account had about 700 USD left after one day when the token fell to 0.0003 USD again, forced to sell to avoid further losses.

Topics about Luna currently continue to be debated on social networks. Many people said that they made a profit when the market fluctuated, others even hoped that Luna would return to the "golden age", or at least for the price of a dollar. "I'm holding more than a million Luna. If it's to a dollar, I'll be a millionaire," wrote one person on Facebook. However, people who know the cryptocurrency market say that people should not be fooled. FOMO (fear of missing out) to avoid losses.

"Luna is continuing to fall in price. The last bounce was not too strong, it was just a 'bait' for others to follow," said Anh Bang, administrator of a Facebook group about digital currency with more than 150,000 members and have 5 years in the cryptocurrency market, recommended. “If players continue to buy, their accounts may be split, because there is no sign that the Luna project and stablecoin UST will be controlled.”

According to Mr. Bang, it is impossible for Luna to reach the 100 USD or even 0.1 USD mark. Besides the project being adrift, he reckons that Luna's total supply is now close to 7 trillion tokens, thousands of times more than when it was at $100, when the total supply was only one billion tokens. Even if the team behind this digital currency "burns" the coin, processing all 6.9 trillion tokens is impossible because it costs a lot of money and is unlikely to succeed.

Phan Hoang, a blockchain and cryptocurrency expert, said that when players have put money into Luna, they need to determine the loss, and should spend a low amount to avoid losses. At this point, he also advises players not to continue buying Luna. "Betting on Luna can help the lucky ones have a little more money, but this amount is not much. Things that go up vertically will also fall in the same way," this person said.

Previously, Luna's collapse was considered a disaster, a "stain" of the cryptocurrency market. It is surprising because this cryptocurrency is classified as a "top coin", is among the 20 strongest coins by market capitalization, has a clear development path, is invested by large funds, so it is very popular. believer. Although there are no specific statistics, a cryptocurrency expert said that the number of people investing in Luna in Vietnam is not small.

Currently, the team at Terraform Labs - the company behind Luna and UST - is still working to resolve the crisis. Terraform 9x CEO Do Kwon admits things are hard to control right now and could consider creating a new Luna token.


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