LUNA 2.0 Suffers Significant Price Correction Hours After Launch
The recovery plan for Terraform Labs’ stablecoin TerraUSD (UST) and its native token Terra (LUNA) embarked on a bumpy route after the LUNA 2.0 cryptocurrency suffered a substantial market fall hours after its launch. TerraForm Labs successfully delivered new LUNA coins to market participants holding LUNA Classic (LUNAC) and TerraUSD (UST). According to data from cryptocurrency exchange Bybit, LUNA began trading at $0.5 and quickly rose to a high of $30 before dropping by more than 88% to $3.5. Related Reading | Cryptocurrency Spams Grow By Over 4000% In The Last Few Years LUNA....
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During the last few days, the crypto economy has been tumultuous as billions have fled the market in search of safety. The issues with LUNA sparked a significant sell-off as Terra’s native digital asset dropped 97% in value against the U.S. dollar in 24 hours. Terrausd has slipped 67% lower than the $1 parity and was trading at a low of $0.299 per unit at 9:00 a.m. (ET). Terra’s Native Token LUNA Loses 97%, While UST Loses 67% in 24 Hours The Terra blockchain ecosystem has been ravaged by the events that took place over the last few days, when the network’s algorithmic....
As bitcoin dropped to fresh new lows on Monday, the price of terra (LUNA) slid by 33.3% during the last 24 hours. Moreover, the project’s stablecoin terrausd (UST) has lost stability, dropping to $0.932008 per token. Additionally, the Luna Foundation Guard’s bitcoin wallet and ethereum Gnosis safe address has been emptied.
**This article was updated with a new paragraph to reflect the price of terrausd (UST) dropping to $0.86 per token on Monday, May 9, 2022, at 6:10 p.m. (ET). It also mentions the Luna Foundation Guard bitcoin wallet that holds 28,205 bitcoin at....
This week’s negative trend has favored Terra (LUNA) and Quant (QNT). The cryptocurrency markets are still in the red in the last few days, as prices continue their downward trend. The good news is that some cryptos began to move in the right direction. Both Terra (LUNA) and Quant (QNT) were among the top gainers Tuesday, registering significant gains. LUNA is now up 14.87% and trading at $57.30, making it the major stock with the highest gains. Its price has fluctuated between $49.51 and $57.40 in the last 24 hours. The crypto is now ranked 9th among the most valuable....
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