This month, investors witnessed one of the most dramatic crashes a cryptocurrency has ever encountered. LUNA, the native token of the Terra ecosystem, crashed from literal three digits in price to hitting several zeros after the decimal in a matter of days.
This crash didn’t affect the LUNA price solely but it shook entire crypto markets. Bitcoin, for example, touched a bottom of $26,350.49. The last time Bitcoin saw this number was about 9 months ago.
Although the crash is suggested to be the massive $285 million UST dump, many other reasons raise speculations- most theoretical. Follow along as we explore LUNA in detail and understand how the Crash took place.
What is Terra LUNA?
Terra LUNA is a blockchain protocol that holds an ecosystem upon which users can mint and trade algorithmic stable coins. These stable coins operate in correlation with any fiat of their choosing. As of now, … Read more