Luna 2.0 already down 70% and counting
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Makes me want to sell my own magic hash value: my twist will be that it will be the same value for every purchaser; all 1's. That way there won't be any of these shenanigans with things being stolen or whatever. I'll "back" it with claims to the mineral rights of some asteroid, polished with the power of unicorn spunk.
"How does this keep working?"
Though now that I type it out, this implies an initial bout of trickery
Maybe naming it after a brighter celestial body will give it a brighter future
Yet, the reaction to this in no-coiner circles is characteristically devoid of substance.
The token was airdropped to the victims of Luna 1.0, with whales largely being capped / subject to vesting and cliffs. The small-time bag holders of the old token are the ones selling, to recoup a small amount of what they have lost.
The fact that the price is dropping so fast just means there is in fact almost no one who wants to buy the replacement coin that was airdropped to the holders of Luna 1.
This is not a case of "how does this keep working?" - its evidence of it not working in fact, exactly the outcome critics are asking for.