A conducting square loop of side \( L \), mass \( M \) and resistance \( R \) is moving in the \( XY \) plane with its edges parallel to the \( X \) and \( Y \) axes. The region \( y \ge 0 \) has a uniform magnetic field, \( \vec{B} = B_{0}\,\hat{k} \). The magnetic field is zero everywhere else. At time \( t = 0 \), the loop starts to enter the magnetic field with an initial velocity \( v_{0}\hat j \, \text{m/s} \), as shown in the figure. Considering the quantity \( K = \dfrac{B_{0}^{2}L^{2}}{RM} \) in appropriate units, ignoring self-inductance of the loop and gravity, which of the following statements is/are correct:
