Terra Luna: What happened to LUNA? | City & Business Financing

The changes in LUNA have shocked cryptocurrency investors as the symbolic bleeding of value in an unexpected market collapse. As he waved in the market, other coins were drawn next to him. Investors who traded their savings to “buy the dive” some time ago will be left in financial ruin and will question what happened.

What happened to Terra Luna?

Terra Luna (UST) was ranked among the 10 most valuable cryptocurrencies to date this week, with each coupon worth around $ 85 (69 69.69) on May 5th.

On May 11, it was already in a precarious position, having fallen to $ 17.38 (14 14.25) in the early morning hours.

Just one day later, on May 12, the currency lost 97.54 percent of its value, falling to its current value of $ 0.02863 (£ 0.023).

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The sudden and dramatic fall from grace destroyed the capitalization of the currency, raising it from more than $ 40 billion (32 32.7 billion) to just $ 500 million (9 409 million).

Some investors said they lost up to $ 450,000 (36 368,000), which means disaster for their homes and savings.

The UST depreciated against the dollar earlier this week and the recession followed shortly afterwards.

Do Kwon, the founder of Terra creators Terraform Labs, reported on the situation through social media today.

He told investors he was “close to announcing a recovery plan” and urged his supporters to “stick tight”.

In a Twitter post, he praised the Terra ecosystem and promised that the “return to form” of the currency would be a “must see”.

Terra activity has been felt throughout the market, with other currencies declining at the moment.

However, cryptocurrency experts said that the “extreme instability” of the last 24 hours was a result of the technological birth.

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Analysts at Bitfinex Market Analysis said the problem showed the strength of other, more established currencies.

They said: “The capitulation of Terra Luna and the issues we see with Terra’s algorithm stablecoin UST are part of the growing pains of an area where innovation is charting at a frantic pace.

“The real story of the day is the relatively strong performance of the top three cryptocurrencies, bitcoin, Ethereum and Tether tokens (USDt).

“The trinity stands strong, demonstrating the strength and resilience of a digital ecosystem that will define the entire decade.”

Can Terra Luna recover?

LUNA administrators at Luna Foundation Guard aim to resurrect UST.

They launched a campaign to raise $ 1 billion, which they believe could help achieve that goal.

However, as with any cryptocurrency, the LUNA is extremely volatile and even if the currency recovers, the market could easily drop it again.

The information in this article is not the equivalent of financial advice. Anyone considering investing in cryptocurrencies should be aware of the risks involved.

Whatever you go through, you can call the Samaritans for free at any time at 116 123 or email jo@samaritans.org.

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