Welcome to Bulliscoming Crypto & Finance Media, recently luna coin crash massively from its All Time High and a lot of people have been wondering if the luna coin and its stable coin(UST) have crashed, while the price of bitcoin dropped from $35k to $29k, most crypto newbies started lamenting negatively to BTC price; causing more FUD on Social Media.
Some say “BTC will drop to $10k before the end of May 2022” and this has been the talk on social media. Meanwhile, people seem to be very careful with the crypto market because of its volatility.
The luna community has seen luna coin as a project that can never recover and get back to its All-Time High, thus this article details every fact about the luna coin crash and if it will Recover.
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Luna Coin Crash
The dramatic crash meant its market cap dropped from above $40billion to just $1.5billion, resulting in unprecedented losses for investors in a leading cryptocurrency.
Luna falls from its ATH of $119 and is currently trading at $1.24 at the time of writing this, UST also fall below its pegged dollar and is currently trading at $0.6, investors have lost so much due to this UST incident
Leading crypto exchange Binance temporarily suspended withdrawals on Terra (LUNA) network at one point, meaning that even those who wanted to sell were unable to.
The most humorous thing was that; the said terra stable coin(UST) pegged to USD lost almost 80% of its value. meanwhile, the UST price dropped to a whopping 0.225 USDT on May 11th 2022.
Thus, the luna price also crashed to around $4 (on Binance) on May 11th 2022, charting a decrease of roughly 90% in the past few days.
Some users who invested in luna Stable coin; started complaining on social media(Reddit)
“I should’ve cashed out when it was $100, then I would have been up to $25,000,” wrote Reddit user No-Forever. “But I got greedy hoping to get more money so I can at least afford a downpayment for a house for my family. I guess no house and savings then.”
“I lost over $450,000, I cannot pay the bank,” one user member of the Terra forum wrote. “I will lose my home soon. I’ll become homeless. Suicide is the only way out for me.”
Some members shared suicidal posts after seeing their holdings become worthless overnight, while others offered support by sharing links to suicide hotlines around the world.
Will Luna Coin Recover?
The Terra’s CEO “Do Kwon” Said on May 9th, 2022 that the Luna Foundation Guard Council voted to deploy $1.5 billion capital in BTC and UST – to defend the peg, the team has promised to resue the algorithmic stablecoin, though many investors believe the project to be over.
The main reason why UST might still dump so hard, is the fact that users still burn UST and mint Luna, thus Do Kwon the terra Ceo said they are working on a recovery plan.
Also Read: Crypto Bounty – Everything You Need To Know And Sources For Crypto Bounties
Check out the recent update of luna coin, Is it a scam coin or a real coin?
Conclusions
Exercise caution when it comes to investing in algorithmic stable coins, if you are not knowledgeable about the crypto market and its volatility, it is advisable to stay off from trades to avoid Had I know.
If the teams succeed and make UST peg to USD, users who bought and hold UST now will be in massive profit but this might be risky because the team might not be able to peg UST to USD.
But note that, this is not financial advice.
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