Terra’s crash saw its tokens UST and LUNA delisted from several large cryptocurrency exchanges.
However, the Defi exchange WOO network went against the trend by relisting LUNA on Monday. But the exchange may have been overwhelmed by the volume of transactions, as trading of the token was terminated shortly after.
Is LUNA revival possible?
Last week, the Crypto market witnessed turmoil with Terra’s complete crash. The token’s value plummeted by 100% in just a few days, creating serious doubts about Terra’s foundation. WOO X’s move came as a big support for the Terra Community amid rising volatility.
Meanwhile, WOO X reported that trading of the LUNA/USDT pair had been suspended shortly after the big announcement. Trade may continue after some time. However, deposits and withdrawals are still suspended due to network blockage.
LUNA has dropped another 20% in the last 24 hours. The LUNA is currently trading at an average price of $0.000187, after losing nearly all of its worth. Terra token still has a market capitalization of around $1.22 billion. The WOO trading platform went on to say that they simply want to keep a neutral stance by listening to community demands.
Terra intends to re-establish its network
The WOO backed the re-listing, saying that after examining indicators of increased trader demand and market stability, LUNA will be available for spot trading. It added that WOO X customers will be able to trade with no fees. However, in light of the recent situation, it advised traders to exercise caution. WOO stressed that this step is not an endorsement and that they are simply providing users with an option.
Several large and minor crypto exchanges have delisted the Terra token. Terra’s stablecoin UST de-pegging has caused great alarm among crypto leaders. Meanwhile, Terra’s founder, DO Kwon, has proposed some ideas for rebuilding the network and compensating its owners.
