BitKwonnect? ‘Luna Brothers’ moment sees Terra inflate token supply 3,500% ov...
There is now 6.9 trillion LUNA in circulation, while the coin’s value is practically zero in U.S. dollar terms. Terra (LUNA), the in-house token of Blockchain protocol Terra, is undergoing major changes which are causing intrigue and despair in equal measure.Data released on May 13 confirms that overnight, the embattled cryptocurrency’s supply expanded to an eye-watering 6.9 trillion LUNA.6,900,000,000,000 LUNA, almost zero valueAfter a tumultuous week in which Terra attempted to rescue LUNA along with its failing United States dollar stablecoin, TerraUSD (UST), things have gone from bad....
Related News
Traders' risk appetite seems untainted as speculation around LUNA runs wild once again. Bitcoin (BTC) failed to reclaim $30,000 into May 14 as traders looked forward to a relatively stable weekend.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitfinex longs gather strengthData from Cointelegraph Markets Pro and TradingView followed BTC/USD as it lingered below the $30,000 mark, now rapidly becoming resistance.The pair had reached just shy of $31,000 before retracing, while the end of the traditional market trading week had been accompanied by fresh warnings of a new macro low....
The new Terra token dropped by over 70% within hours of hitting $30 after its release on Saturday, May 28, triggering yet another round of criticism from the crypto community. The old LUNA has been renamed Terra Classic (LUNC) on CoinMarketCap, and a new listing for the new Terra (LUNA) has been added. As part […]
Excessive Terra supply coupled with UST supply contraction coincides with LUNA's price decline. Terra (LUNA) has plunged significantly after witnessing a FUD attack on its native stablecoin TerraUSD (UST).The LUNA/USD pair dropped 20% between May 7 and May 8, hitting $61, its worst level in three months, after a whale mass-dumped $285 million worth of UST. As a result of this selloff, UST briefly lost its U.S. dollar peg, falling to as low as $0.98.UST daily price chart. Source: TradingViewExcessive LUNA supplyLUNA serves as a collateral asset to maintain UST's dollar peg, according to....
The token burn appears as the supply of UST, Terra's stablecoin, rises by nearly 14.75% in the month. Terra (LUNA) emerged as one of the best performing financial assets in February, a month mired by geopolitical conflicts and their negative impacts on the crypto market.LUNA decouples from the crypto marketLUNA's price surged by a little over 75% to reach $91.50 at the month's UTC close. In comparison, the percentage performance of other top tokens, mainly Bitcoin (BTC) and Ether (ETH), in the same period came out to be around 12.25% and 9%, respectively.LUNA/USD versus BTC/USD and ETH/USD....
The new Terra blockchain Phoenix-1 has been operating since Saturday morning May 28, 2022, and on that day, millions of new LUNA tokens were dispersed to luna classic (LUNC) and terrausd classic (USTC) holders. However, on Tuesday the Terra development team revealed that some Terra token owners “received less LUNA from the airdrop than expected,” and developers are “actively working on a solution.”
Terra LUNA Airdrop Suffers From Miscalculation Error — Devs Plan to Offer a Solution
On Monday, May 30, 2022, Bitcoin.com News reported on the new....