LUNAtics & The Blood Moon

Tonight and tomorrow, a total lunar eclipse will be viewed across North and South America, and in parts of Europe and Africa.

A total lunar eclipse, also known as a blood moon, occurs when the moon lines up between the sun and the Earth, causing the moon to be completely immersed in the shadow of the Earth's umbra and appear red.

And isn't it interesting that this lunar eclipse would occur now, mere days after the spectacular collapse of Terra's UST and LUNA crypto projects?

If you haven't heard of the crash yet which caused the entire crypto market to tremble, wiping out hundreds of millions of dollars, here's a synopsis:

• TerraUSD (UST), the largest algorithmic stablecoin and third largest stablecoin overall, depegged from the US dollar following massive withdrawals from Terra-based decentralized finance protocol, Anchor.

• The UST coin plummeted and carried with it its sister coin, LUNA. LUNA fell from a high of more than $100 per token to fractions of a cent in days.

• In a reaction to the crash, and to protect against rubble that was flying everywhere, major centralized exchanges locked their gates, either temporarily halting trading or delisting the UST and LUNA coins altogether.

• These developments caused serious consternation among LUNA and UST holders with some even expressing that they had lost their life savings.

• Following the crash, some hopeful members of the Terra community continued to discuss the feasibility of salvaging any part of the project.

• Do Kwon, Terra's founder, has since been linked to another failed stablecoin project.

• Binance CEO Changpeng Zhao, while reaffirming Binance's support for LUNA and UST holders, today called for better accountability from the Terra team, tweeting, "I would like to see more transparency from them. Much more! Including specific on-chain transactions (txids) of all the funds. Relying on 3rd party analysis is not sufficient or accurate. This is the first thing that should have happened."

Are you a LUNAtic?

Supporters of the LUNA project call themselves LUNAtics, and while it may seem like pure lunacy to continue to support a failed project, if you got in after the project was relisted on Binance, you might have been able to make a fair turnover over the weekend as LUNA's price pumped more than 26,000%. UST also witnessed a smaller pump, rising 250% from 0.04 on the weekend.

Will the recent pump be consistent? Well, cryptocurrency trading is fragile on the whole, and LUNA and UST at the moment are trading with active volcano-type volatility. So who knows what the future holds?

Anyone engaging in this project is well advised to proceed with caution, however. The risks of engaging with LUNA and UST are now well documented. The losses endured by some in the past week alone is monumental. And in the world of crypto where risks abound, traders are always advised to practice due diligence.

Me, personally, I do have a small LUNA holding, very tiny, money I can afford to lose, money I've already considered lost. If it turns out to be a spectacular win sometime in the future, yay me. If not, I won't be biting my nails about it. Instead, as prices rise and fall, I'll be on my balcony tonight, telescope in hand, looking at the blood moon. What about you guys?