Crypto Scoop: The Bearish Trend Continues As LUNA Formulates A Recovery Plan After Price Clash

The bearish trend continues as more crypto projects come to light. In this edition of the crypto scoop, we’ll be reviewing

• LUNA’s recovery plans after its price crash
• Crypto initiatives in Africa and across the Globe
• eBay and Manchester City launch NFT collections

LUNA sets out a recovery plan after its price crash

The bearish trend driving bitcoin's price below $30k and Ethereum's price below $1,800 took a pretty bad hit on LUNA. In fact, a LUNA investor went knocking on the door of the company's CEO, Do Kwon. He was detained for trespassing but explained that he felt compelled to do so after losing $2.4 million in the LUNA UST price crash. 

Terraform Labs has provided details about the LUNA 2.0 airdrop, which will take place on May 27, 2022. The existing LUNA token will be called LUNC, while the new LUNA 2.0 token will be known as LUNA. The new chain will airdrop LUNA tokens to holders of LUNC (Luna Classic), USTC (UST Classic), and aUST (staked UST). Terraform published a document outlining the requirements for receiving the airdrop. Airdrop LUNA

The LUNA 2.0 testnet is now operational, and the mainnet will go live on May 28. The airdrop will begin when the mainnet goes live.

Crypto adoption initiatives continue across the globe.

While the cryptocurrency market is still hurting from price drops, numerous countries have begun to make moves toward crypto adoption. With the establishment of "Sango," the Central African Republic, which recently announced bitcoin as a legal tender, has taken another step toward crypto adoption.

The Central African Republic (CAR) is preparing to build Africa's first cryptocurrency investment centre (Project Sango). This announcement comes despite the International Monetary Fund's (IMF) previous cautions about the dangers of adopting cryptocurrency as a legal tender. And while the specifics of how the hub would work to influence crypto adoption in the country are yet to be revealed, it is expected to contain a "crypto island" and a digital wallet to attract crypto enthusiasts.

CAR isn't the only country taking a leap into the crypto space; Algorand has announced a partnership between Nigeria, Developing Africa Group and Koibanx to launch a significant crypto initiative, an IP Exchange Marketplace and Wallet. In fact, Cameroon, the Democratic Republic of Congo (DRC), and the Republic of Congo are considering using cryptocurrency and blockchain technologies powered by The Open Network (TON). South Africa Central Bank has also expressed interest in creating Central Bank Digital Currency (CBDC) to reduce the cost of cross border transactions. African leaders are finally taking the lead on crypto adoption. 

Uruguay has also taken steps to protect its citizens from crypto scams which have increased by over 4000% in two years, according to LunaCrush. With the launch of a campaign called "Fake Coins: Cryptocurrency Scams", "citizens are expected to be more educated about the dangers they face and how to identify these scams. 

eBay and Manchester City launch NFT collections

The NFT space has been buzzing, and several firms and businesses have embraced it. Customers on eBay were informed that an NFT collection is now available in a recent announcement. The NFT collections include tokenised items honouring National Hockey League star Wayne Gretzky.

Manchester City, a famous football team, has also launched an NFT collection to commemorate the club's iconic moments through NFT souvenirs. NFT and football enthusiasts will be able to access not just 3D player cards but also one-of-a-kind card sets celebrating key milestones in the club's history.

As the NFT space expands, Vitalik Buterin, co-founder of Ethereum, has suggested "soulbound" NFTs as a way to achieve a decentralised society. "Soulbound" NFTs will help keep track of your social identity to enable a Web3 decentralised society.