Buying the Luna dip
This is a short story about the activities of three persons during the crash of the Luna coin.
Gab, Indra and Bayode watched Luna crash from $100 to almost zero. All had different thoughts, advices and actions during this crash.
Gab, a passionate believer in decentralized stablecoin had been considering investing in Luna for a while and has been waiting patiently for a good dip. He has done a little research on The coin though most of his research was done following luna fanatics, who considered themselves as good investors since they discovered and bought Luna at low prices. some considered Luna as good long-term investment, predicting prices to go as high as $1000 in the future. good times!
Then came the month of may. Luna’s shinigami was lurking but no one knew how close it was. when it stroke, the impact was devastating. The coin dipped a little over 50% and that was just a warm up!
But remember, this was the dip Gab had been waiting for, a dip of over 50%!, it was like a bargain! He ofcourse hurried to the various pages of his ostensible good investors. Most of them, pointed out that this wasn’t the first depeg crash and the luna coin will bounce back. some encouraged to buy the dip, others adviced investors to leave their screens. Gab after confirming that the crash was a repeat of a previous event bought the dip with a little percentage of his side cash. The next day came with more dip and Gab bought a little more $Luna. In a few hours, more crash came and Gab aped in, this time he also bought a little chuck of $Ust which has depegged considerably from the dollar with hope that the repeg will yield good gains. Then Luna began to discover new lower prices and so did $Ust. Gab was losing money! The posts from the so-called smart investors were no longer encouraging and all he could see were post from Luna critics warning about the design of luna. Luna kept on discovering new lower prices through out the dreadful month of may. Gab lost the fiat value of all he invested in $Luna and $Ust. He now had a chuck of worthless coins.
Indra’s story was different, she was a young lady in a different part of the world. She had been keeping an eye out for cheap Luna coins. but Luna crumbling from a 100 to 0 would send shivers down the spine of any potential investor. however, Indra had a plan, she believes that there is a huge opportunity buying at the bottom. so she gambled some funds and lucky for her it yielded her 10 times her money the next four months. And she took her profits!
In Nigeria, Bayode, another crypto enthusiast with Luna on his watchlist. experienced the crash. After his investigation on the cause of the Luna crash he decided to sit out the whole volatility and plummet of Luna . He gained nothing but he also lost nothing.
There are stories of many other investors and their actions during the crash. Some shorted $Luna and was left with good profits, and some did the same but were liquidated because of the volatility. some had Luna staked, some had $Ust staked on anchor but immediately cut their losses as soon as it depegged. but we can agree that the individual losses across the crypto community surpassed the gains. But there is always something to learn;
1) Everyone is entitled to their own decisions. People will try to influence you but you remain the CEO of your funds.
2) Know your limits; always know when to call quits. Remember the quote by Oliver Goldsmith “He who fights and runs away May live to fight another day; But he who is battle slain Can never rise to fight again.”
Have a strategy that will ensure your survival!
3) Try to learn from mistakes of others and also from your own mistakes.
Regardless, Luna Founders must be investigated and anyone involved in breaking any law must be prosecuted.
