WEEKLY UPDATE - 3 JUNE 2022
What Happened In Crypto This Week
Dear Moon Birdies,
This week, Bitcoin showed signs of life before returning to its old range, the Luna rebirth shows why the project should never have been allowed to restart, and Binance launched a $500M fund. In this edition, we discuss these developments along with the potential opportunity presented by the upcoming Cardano upgrade, and how you can earn crypto via staking.
After nine straight weeks of red candles, the Bitcoin market had a brief rally this week and everyone got excited about the prospects of a bullish reversal. However, the pump was short-lived and price returned to its range after about 4 days. If you are on the Moon Birdie Telegram channel, you’ll remember our warning about his fake rally on Tuesday. Given how long the market has been in a downtrend, it’s okay to be enthusiastic about every little pump – as long as you don’t rush in with your money.
The infamous Waves is back with a 108% boost
Cardano is up 20% as hard fork approaches
The Big News
Why is there a new Luna?
We talked about Luna throughout May, and it seems the trend will continue this month. When the ecosystem collapsed and all that investor money was lost, everyone thought we’d seen the last of Do Kwon and his team at Luna/Terra. But that appears not to be the case. The project launched Luna 2.0 this week and it was surprisingly well-received by the crypto space.
All the big exchanges participated in the release, and the coin is currently being sold on Binance, Coinbase, FTX and many others. The new token uses the original LUNA ticker while the old one is now called LUNC. Interestingly, one of the reasons people were okay with the “rebirth” is because the team said they’d give out new tokens to those most affected by the crash. Yet, the airdrop was mishandled, and many old investors are yet to receive any LUNA.
The new LUNA also started on the wrong note by tanking from $19 to $4 when it was released on exchanges. It is now trading at $6.3. All in all, it doesn’t look good. People were burned badly by the old Luna and may never trust the project again. For now, traders seem content to scalp the token, but not many are holding it in anticipation of future growth.
How to Earn Crypto Via Staking
Staking lets you HODL your favorite coins and earn passive income for doing so. Sounds simple, no? Yet, it works, and staking remains one of the most reliable ways to earn APY from crypto – even if the returns are lower than active trading. Proof-of-stake networks need validators to verify transactions, and validators need a large amount of tokens to prove they are worthy of the title. So, they open up pools and allow end-users like you to contribute for a small % every year. Want to try it out? We have a step-by-step guide on staking for you.
Here are some top stories from the crypto space over the last 7 days.
Binance Labs launches $500M fund for crypto and Web3
China's supreme court wants to integrate blockchain tech
SOL loses 20% as Solana crashes again
Warner Bros. joins Nifty’s to launch NFT collection
🔐 Unstoppable Domains
Fellow Moon Birdies..
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