Luna is up 267% After the Revised Terra Revival Plan - How to Buy and Sell
Terra LUNA was a popular token that essential went to zero in a week. It was at $68.45 on May 7th 2022 and a week later at 0.00000830. On May 13th Binance halted trading of the token, but resumed it on May 14th.
On Friday the 13th the founder of Terra Luna Do Kwon proposed a Terra Revival plan, that would essential make the supply 1 billion with 40% going to original UST owners before it got depegged to $1. another 40% would go to original Luna holders. another 10% would go to the community to fund future development, and another 10% to luna holders before the chain got stopped.
The next day Luna was trading again on Binance and up 267%. I decide to try buy a small amount and possibly put in a limit order on Binance to try make some money with this token on the way up.
It can be tricky to deal with so many zeroes. On May 14th I decide to try purchase the minimum amount of Luna using BUSD stablecoin and put in a sell order. While it's important to be careful you can also learn a lot from this situation.
I purchased $15 worth of BUSD on Binance using my Wise debit card which holds US dollars. The wise card allows you to purchase with multiple currencies at fair rates. Some exchanges may have halted trading of Luna and it's brother token UST.
After this I went to do a spot limit order with the trading paid BUSD/LUNA. I used coingecko to analyze the token's recent history. I put in my order at 0.00038000 for approximately 26000 luna for $10 BUSD (approximately $10 US).
with my 26000 Luna I wanted to try put a sell order in using various scenarios. Unfortunately, Binance has put in safeguards in the amount you could sell LUNA for. This figure is constantly changing (0.00020400) but I put in a sell order at about 13000 Luna for ~$26 USD in profit. If my order fills I would cover my cost's for purchasing luna. I would then retain 13000 Luna if this limit changes or if by some miracle Luna increases to a $10 where I may potentially make some good profit. There is no guarantee of making anything, but this is a good education to deal with tokens of such a small value with many external factors. It's a low risk high reward play.