WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It
The Terra disaster has led the largest cryptocurrency exchanges to delist the LUNA and UST tokens.
But DeFi exchange WOO network sought to go against the grain by relisting LUNA, which it did on Monday. But the overwhelming number of transactions may have proven too much for the exchange, as it suspended trading of the token shortly after.
Will LUNA revive?
Last week, the Crypto market saw a horror show Terra’s Luna complete crackdown. The token’s price shed down by 100% in just a couple of days raising some major questions over Terra foundation. WOO X’s this decision comes as a big support for the Terra community amid increased volatility.
Meanwhile, just after the big declaration WOO X reported that they have suspended trading of the LUNA/USDT pair. The trading may resume after some time. However, the deposits and withdrawals are still under suspension due to network blockage.
The LUNA is down by another 20% in the last 24 hours. After losing almost all of its values, the LUNA is trading at an average price of $0.000187. Terra token still holds a total market valuation of over $1.22 billion. The WOO trading platform added that they just want to maintain a neutral stance by listening to the demand of the community.
Terra aims to rebuild its network
Backing the re-listing, the WOO informed that after analyzing the signs of higher trader demand and stability in the market LUNA will be available for spot trading. It added that users will be able to trade with zero fees on WOO X. However, it also cautioned the traders to be careful considering the recent event. The WOO clarified that this step is not an endorsement and they are just providing an option for the users.
The Terra tokens have seen a huge delisting from all kinds of big and small crypto platforms. The crypto leaders have shown major concern over the de-pegging of Terra’s stablecoin UST. Meanwhile, DO kwon, founder of Terra, has proposed some recommendations to rebuild its network and compensate its holders.
- Crypto Market Rally: Will Bitcoin Catch Up With S&P 500 Gains After Fed Rate Cut?
- Ripple Partners DBS, Franklin Templeton To Launch Trading And Lending Backed by RLUSD
- XRP, SHIB, HBAR Among 15 to Get Faster Crypto ETF Approval Under SEC’s New Rule
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
