Does Market Manipulation Exist And Does it Always Give Positive Results?
If by now you still doubt that there is market manipulation in the crypto space, then I wonder what else could convince you that some entities can manipulate the market. Within a space of three days, a foretold attack on Terra was finally executed. This attack saw Terra drop from $82 to $0.0003. Presently Terra has been delisted on Binance. Although there is a new proposal aimed at rewarding Luna and UST investors, the wrong done to Luna has yet again proven that targeting and destroying a solid project in the crypto space has its cons and pros.
To those involved in the attack, they might be celebrating their victory and perhaps bagging other coins with their roots. The effect of their actions can be seen in the entire crypto market. One thing about a coordinated attack on a solid crypto project is that it creates FEAR in the market. We saw what happened to Bitcoin, Ethereum, and other major coins within the period of the Luna attack. Bitcoin dropped to $28k while Ethereum touched the $1,700 zone. There was a bear market before the Luna saga but the whole issue crashed it further. Believe me, if the project involved in this issue was any other project that is not solid or at least has no Stable coin, the effect would not be that much. Many newbies were seen in different groups with confusion in their minds because the whole dip was new to them. Reports have also shown that there are many confirmed cases of suicide due to the Luna attack.
downloaded from Twitter
Yes, there is evidence that Do Kwon was forewarned, but the actors weren't considerate of other investors in the project. Many people saw their $100k worth of Luna turn to $1. Many saw their UST go below 40 cents.
Market manipulation on a solid project doesn't go smoothly. It usually crashes the market and can lead to physical damage to users, especially the big investors. Many people even bought Luna when the price was down because they still believe in the project. If the new proposal is passed, they will be rewarded hugely for their heroic act, even though it looks reckless.
In the end, I want to reach out to all the victims of the Luna attack, stay strong,
This is not the end of life. In the crypto world, sometimes we lose, sometimes we win but in between, there is always a need to prepare for whatever the outcome is. This is why we are encouraged to invest what we can afford to lose. Let me use this opportunity to share with all those who visit my blog, that there isn't any project too big to be pulled down. When you witness strange stories around a project, ensure to know when to seek a safe zone. The crypto world is evolving and there will always be new strategies to pull projects down. Try as much as possible to avoid virtual wealth. Take profit as often as possible.
May we never witness an attack like the one on Luna again. Am even sure that many people will no longer be 100% confident in stable coins.