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Will Luna Recover? "Statistics From Thursday Event"

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Written by   45
6 days ago
  • Terra Luna which was trending at the price of $118 per coin about a month and lately it show off its worst day " Thursday" When it trembled down below $0.10....

Surprisingly it went through a maximum Drop in the last 70 hours when its value dropped from $70 and went down bad and stopped at some cents ( The Dip Dipped lol )....

Algorithm stablecoin of Terra Network" UST" lost its dollar Peg, which then led to a crash in LUNA prices (UST and Luna are interconnected as for every UST traded )...

  • The market cap of Luna has gone down in millions, less down $400 million to be more specific but nevertheless the volume has been quite impressive...

The market experts are still bullish about the future of LUNA and they expect it to recover toward the far future...

They believe that it may take some time to repeg the UST so in other words the pain would definitely last longer than expected....

The partakers of the market believes that to stabilize the ecosystem UST needs to move to its $1 peg from its price as of on Thursday "$0.50" trading value...

As Terra Luna Collapse over -99% the coin value trembled dramatically on Wednesday, falling from around the price of $11 to $1 and some cents...

It Dipped more on Thursday and with the value of just $0.02 as of Thursday afternoon...

Currently Luna is finished and done for, and there has been rumors of Binance delisting it....

When it Dipped a lot of people hurriedly invested and the funny thing is that it kept dipping so sad, I know a lot of people who has lost a fortune on their Luna investment...

Why Did Luna Crash??

Based on the information given by the official twitter account of Binance it says:

An exponential amount of new LUNA were minted due to flaws in the design of the Terra protocol. Their validators have suspended their entire network, resulting in no deposits or withdrawals possible to or from any exchange.

Some of our users, unaware of the large amounts of newly minted LUNA outside the exchange, started to buy LUNA again, without understanding that as soon as deposits are allowed, the price will likely crash further. Due to these significant risks, we suspended trading.

I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team. We requested their team to restore the network, burn the extra minted LUNA, and recover the UST peg. So far, we have not gotten any positive response, or much response at all..

These were the thread from the official twitter account of Binance, well based on how it looks it seems new LUNA were being minted and not everyone was aware of it so when it Dipped a little the kept investing without them knowing the the dip would kept dipping...

Well this is what happens when you don't DYOR before investing... So far this has been the worst rug pull in the whole of crypto history...

LUNA was being ranked among the top 10 crypto currency and so far the rug pull had turned so many investors down and a lot of people are being scared to invest in any project...

Though I don't blame anyone because its for their own safety, if a coin from the top 10 can rug pull then it seems any project can do the same lol... This is clearly what most investors are thinking right now...

Luna crashes because more and more of it were being printed to the circulating supply which is kinda like a red flag to me, the supply is meant to reduce and not increase... Supply increased and the price dropped, truth be told binance did make a mistake of listing the coin...

Lately most people call Luna a scam project and they say binance is also behind it for listing a coin with such flaws...

Closing Thought

Don't believe what anyone tells you, this is crypto... Don't invest because your friends invested, don't go with the hype...

For me I think the project is dead and it can't recover because there seems to be no opportunity for a project that lost 99% of its value within a 48 hours interval... "Live with the loses and learn from it" this is my message to all luna investors...

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Written by   45
6 days ago
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Comments

Great article. All points needed to hear about Luna was listed out. First time visiting your channel. Thanks for the update.

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