Crypto Winter is here. Around 800 billion dollars are wiped out of crypto markets as a result of the declining value of bitcoin and other cryptocurrencies. Worst fate has befallen LUNA/UST holders as the coins plunged to unprecedented lows. Binance has suspended LUNA trading.
Crypto Exchanges are one after the other delisting LUNA from their platforms as the coin goes to zero. Earlier today Binance suspended trading of LUNA pairs as the price fell below $0.0005.
TerraUSD (UST) is pegged to US dollars which means that its value would remain stable at $1. This algorithmic Stablecoin was dependent on swapping between LUNA and UST. When someone buys $1 worth of UST, $1 worth of LUNA is burned.
Something incredible happened this week, LUNA was sold at a rapid speed which led to a dramatic fall in UST price. Terra was depegged and its price went to $0.30.
LUNA is unlike any shitcoin like Doge, or Shiba. It has a huge community following and TerraForms Labs had an established ecosystem. Thus, no one saw its spectacular demise coming. Two days ago, the co-founder of Terra Do Kwon shared the plan for saving LUNA on Twitter. However, nothing seems like working.
LUNA’s price is $0.00003671 at the time of this writing. It has fallen 99.93% in the last 24 hours only according to coinmarketcap. Earlier in April, LUNA was trading at $119.18.
Crypto exchanges are delisting LUNA due to plummeting prices and extreme volatility. Terra blockchain has also stopped working. It’s a tragedy for all LUNA investors and one that has rarely been seen before.
The crypto experts are calling for caution over the investment in LUNA at this point. Getting in now, even with an all-or-nothing attitude, is like trying to catch a falling knife. It is not worth it.