Yesterday, LUNA, the native currency of the Luna Exchange decentralized cryptocurrency exchange, dropped to a low of $0.000117, down from its all-time high of $0.011358 on February 4th, a change of 81%. The LUNA/USD chart shows the same:
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The LUNA market has seen an 81% drop in price over the last 24 hours. This has been followed by a severe crash that resulted in UST dropping over 130%.
As the price of LUNA continued to fall, many investors started to panic. While LUNA had started to fall in price yesterday, today it fell an additional 20%, making it the fastest-falling coin in CoinMarketCap history. The reason for the drop in price is unknown, though theories have started to appear on various cryptocurrency blogs. As a response, UST crashed by 15%, causing a panic sell-off of UST across the market.
Summary of the situation – LUNA has an unstable pattern with TerraUSD. – The token lost more than 81% of its value, causing a huge drop in the price of UST. The LUNA exchange rate fell 81%, pushing the TerraUSD off parity with the dollar. Bitcoin fell 54% in the recent deep dive, while Ethereum also suffered a 60.6% drop and the value of other altcoins fell nearly 90%. The Terra cryptocurrency and the LUNA token lost about 81.3% of their value during this conflict. The cryptocurrency reached an all-time high of $22.36 in March. The token has lost most of its bullish momentum, which rose exponentially in 2021.
Moon price today
LUNA is currently trading at $6.56 and is valued at over $2.58 billion. The price drop of cryptocurrencies has been huge, but that hasn’t stopped it from gradually recovering. This huge drop in the price of the token also led to the collapse of the UST algorithmic currency. TerraUSD had 19. May a large divergence against the dollar. The token dropped to 0.897 cents and then rose to $1.02. Then, on the 23rd. In May, LUNA fell again and UST dropped to $0.919 and never returned to its original parity. After losing value on Sunday, the UST crypto-currency fought back and held steady at $0.974. The token has since risen to $1.01, according to CoinGecko.
Cryptocurrencies have a bright future ahead of them
Today Terraust is worth over $2 million. Aria Klages-Mundt, developer of DeFi, notes that TerraUST could go under due to the banking craze. The cryptocurrency has endogenous support from Luna, but this token is in decline. The token brought many benefits to investors, but that all changed after the collapse of cryptocurrencies. UST has not lost 50% of its value, but it should be a fixed currency that people accept and use, not a cryptocurrency with understandable volatility. After this loss, many people became suspicious of the system in which the token was issued, as it could technically affect anyone. While this is suitable for fixed parts that act efficiently, they do not have a strong backbone. This arrangement could easily fall apart and result in huge losses for cryptocurrency investors and beyond. Nevin Freeman reports that TerraUST does not have enough support with a backup token to function adequately. During this conflict, Torchain tweeted that Terra was undergoing a stress test, which led to its demise.LUNA price drops by 81%, UST crashes. It seems the cryptocurrency markets are back in a bear market. After a short bull run, the crypto markets are now in a significant decline. The total market cap has fallen over $10 billion in less than 24 hours, and all of the top 20 currencies are in the red. With the exception of Tether, the top 10 cryptocurrencies have dropped by between 10 and 23 percent over the past 24 hours. SEO. Read more about uniswap and let us know what you think.
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