After it appears that LUNA’s doom time has passed, crypto exchanges are taking the courageous step of relisting the currency. Crypto exchanges proceeded to delist the coin when it began showing drop runs due to the event. Most of these exchanges claimed they were safeguarding their consumers from the very volatile market, which appeared reasonable. The market presented a much higher risk than their platforms could handle.
Following the fall, LUNA was delisted from cryptocurrency exchanges
Following a loss that saw the token’s price drop below one cent, Binance was one of the first exchanges to take the lead in this respect. Changpeng Zhao made a video explaining why people have to decide on the delisting. Zhao stated in his explanation that many LUNA coins are on the market owing to flaws in the token’s design.
He said that since the network’s validators had stopped working, no crypto exchanges could use it to make deposits or withdrawals. The price drop was caused by a weakness in the UST stablecoin based on the Terra network. According to reports, many tokens were sold for cash on two cryptocurrency exchanges, causing the abrupt drop.
LUNA has been relisted on eToro with a user warning
Crypto.com followed in Binance’s footsteps and delisted the cryptocurrency for the same reasons as Changpeng Zhao. Other cryptocurrency exchanges, such as eToro, took the risky step of delisting the token and subsequently relisted it. Despite the token’s recent drop, several exchanges have chosen to keep it on their platforms. FTX is one such exchange with about $445 million in trading volume.
While LUNA had a big decrease, the market mood also played a role, as Bitcoin and other tokens experienced massive bearish runs. During the crash, the majority of the top tokens suffered double-digit losses. However, eToro has cautioned its customers about the token’s instability. Analysts from all over the market have suggested burning a portion of the token’s supply. The corporation in control will have to burn at least 65 percent of the token’s total quantity to aid the token.