Due to the recent mess up at the Terra network, many users have incurred huge losses. Many investors and holders of UST are unhappy about the recent algorithm issue with the Terra network. There are many who are angry enough to be filing lawsuits against the masterminds behind the development of the Terra network.
South Korean Reaction to Losses from UST
Many people are even after Do Kwon, who is the CEO of Terraform Labs. It has been reported that many people from around the world have resorted to filing lawsuits against Do Kwon. Among the people are cryptocurrency enthusiasts from South Korea.
In recent years, South Korea has emerged as the hub for cryptocurrencies. It is currently one of the largest markets for cryptocurrencies. Millions of people in South Korea have invested heavily in cryptocurrencies.
Being one of the largest cryptocurrencies, it was natural that the people in South Korea would invest in it. They have proven to be extremely dedicated and opportunists when it comes to gaining from cryptocurrencies.
Due to the recent issue with LUNA and UST, many people from South Korea have suffered huge losses. Therefore, they are after the people behind the development and deployment of the Terra network.
The Opportunists from South Korea
While UST and LUNA are still major matters of concern, LUNA seems to have become a huge attraction for the opportunists. Compared to the existing LUNA holders in South Korea, the number of new LUNA buyers is constantly rising.
For the existing holders of LUNA, it is a huge loss because LUNA lost almost 100% of its total value due to the debacle. On the other hand, the new buyers of LUNA are acquiring it when LUNA is in its strong bearish position.
The investors in South Korea are buying LUNA through their local exchanges. Even now, the major cryptocurrency exchanges from around the world have kept LUNA blocked and delisted at their end.
This goes to show that the South Koreans have a strong belief and confidence in the potential rise of LUNA’s price. Their purchasing power for LUNA is extraordinarily high and its impact may soon be felt throughout the globe.
The South Koreans buying LUNA are perceiving its current price as a golden opportunity. They want to buy and hold as many LUNA as possible so they can benefit from it once LUNA’s value recovers.
Data from Chosun
A crypto data collection firm from South Korea has shared its findings surrounding the demand for LUNA in the country. As per Chosun, initially, only the new investors were buying LUNA. As the demand for LUNA grew significantly, even the existing LUNA holders have tripled their holdings.
With the growing demand for LUNA within the South Korean region, it is only a matter of time, before the demand may start growing around the world.