Answer: It's true, if you plant a peony too deeply it will refuse to bloom. Raising it up was a good idea. However, peonies resent being disturbed and will not bloom for a year or two each time they are moved. So, you've set your plant back by 4 or 5 years. You can be patient with it or you can replace it. Either way, you should have flowers by next summer.
Best wishes with your peony!
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