BitKwonnect? ‘Luna Brothers’ moment sees Terra inflate token supply 3,500% overnight

BitKwonnect? ‘Luna Brothers’ moment sees Terra inflate token supply 3,500% overnight

The world’s first decentralized video game platform, BitKwonnect, saw a meteoric rise in token supply recently. The company plans on tackling the $50 Billion gaming industry with their latest blockchain project and are looking to raise more capital through an ICO.

Register now on Binance, add 50$ and get 100$ bonus voucher!

The “terra (luna)” is a cryptocurrency that saw its token supply inflate 3,500% overnight. The coin was released on the BitKong exchange, which has been plagued with issues of late.

BitKwonnect? ‘Luna Brothers’ moment sees Terra inflate token supply 3,500% overnight

Terra (LUNA), the Terra Blockchain protocol’s in-house cryptocurrency, is experiencing huge changes that are eliciting both curiosity and anguish.

The beleaguered cryptocurrency’s supply increased to an eye-watering 6.9 trillion LUNA overnight, according to data published on May 13.

6,900,000,000,000 LUNA, almost worthless

Things have become worse for Terra after a rocky week in which it fought to save LUNA as well as its failed US dollar stablecoin, TerraUSD (UST).

Despite massive BTC sales and loans to keep the market afloat, both currencies have continued to lose value.

According to statistics from CoinMarketCap, LUNA/USD was trading at an almost undetectable average of At the time of writing, LUNA/USD traded at an almost imperceptible average of $0.00005474 at the time of writin, according to data from CoinMarketCap..00005474 at the time of writing.

To the dismay of investors seeking to profit from previously low prices, LUNA was unable to halt its drop, and Terra’s new actions seem to have worsened the problem.

Supply hikes, which started in earnest on May 8, have become more absurd in recent days, evoking hyperinflationary fiat currencies.

On May 11, 1.8 billion LUNA were coined, bringing the total supply to 764 million. If that wasn’t enough, on May 12th, another 185 billion tokens appeared.

Finally, on May 13, Terra issued 6.7 trillion LUNA, a 3,483 percent increase all at once.

Register now on Binance, add 50$ and get 100$ bonus voucher!

pic.twitter.com/LXfx1ngu2A RIP

May 13, 2022 — hodlonaut (@hodlonaut)

During the May 12 print, prominent commenter Hodlonaut, author of Bitcoin cultural resource Citadel21, remarked, “There’s bitcoin, and there’s shitcoins.”

Hodlonaut ended the altcoin’s life once the total LUNA supply reached 6.9 trillion.

Worse than OneCoin, perhaps?

As stunning as the inflation is, elder market players are comparing the events to the downfall of crypto Ponzi scams like BitConnect and OneCoin.

As 168,000 bitcoins depart exchanges, the price of bitcoin undergoes a ‘hell of a turnaround candle.’

With a comparison market size graphic, David Hoffman, co-founder of crypto weekly Bankless, showed out the extent of the LUNA collapse vs BitConnect.

BitKwonnect? ‘Luna Brothers’ moment sees Terra inflate token supply 3,500% overnightMarket capitalization of LUNA and BitConnect. Source: Twitter/David Hoffman

“LUNA is the largest cluster I’ve ever seen in crypto,” MDXCrypto, a famous trader, continued:

“Worse than Bitconnect, Onecoin, Axie, and all of them together.”

Terra promised to resurrect the whole ecosystem, according to Cointelegraph, but the LUNA blockchain was totally shut down hours later.

“Even if LUNA and UST survive this episode, some brilliant protocol changes must be effected in the long run to bolster market confidence that the marketcap of LUNA will always exceed the UST float,” Arthur Hayes, former CEO of derivatives platform BitMEX, wrote in the first of a series of blog posts on stablecoins, titled “Luna Brothers, Inc.” released May 13:

“I’m not sure how I’m going to do it.”

According to statistics from Cointelegraph Markets Pro and TradingView, LUNA/USD was trading at LUNA/USD, having been pulled from major exchange Binance, traded at $0.0077 on Bitfinex at the time of writing, according to data from Cointelegraph Markets Pro and TradingView..0077 on Bitfinex at the time of writing, after being taken off major exchange Binance.

BitKwonnect? ‘Luna Brothers’ moment sees Terra inflate token supply 3,500% overnight1-hour candle chart for LUNA/USD (Bitfinex). TradingView (source)

The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.

Register now on Binance, add 50$ and get 100$ bonus voucher!

More Stories
Bitcoin dominance declines as Binance Coin and ETH hit new all-time highs