At the current price of $2.18, the token is down 98.3% since all-time highs of $119.18 in April 2022 approximately a month ago. Its estimated that the Luna crash ended up tanking the price of bitcoin and causing an estimated loss of $300 billion in value across the entire cryptocurrency space. Is Luna Recovering? Teladoc TDOC Stock Forecast: Will TDOC Stock Recover? We analyze data for easy understanding, bring you business and investment opportunities, and outlining the core responsibilities of government agencies. LUNA is the native token of the Terra blockchain, along with the UST stable coin. The Luna crypto network collapsed in what's considered the largest crypto crash ever, with an estimated $60 billion wipeout, shaking the global digital currency market. Many of the technical papers written by developers have not won the support of the community yet. What should I do?-. This led to a de-pegging of UST from the dollar, As a consequence, many consumers began to convert their UST (worth less than a dollar) with a dollar worth of Luna. Consequently, many exchanges suspended the trading of LUNA. Together. Apecoin Price Prediction 2023, 2025, and 2030: Will Apecoin reach $100 and $1000? Terra LUNA and UST de-peg were a massive blow to the crypto community. 22 hours ago. MetaGloria another NFT game is set to launch on Terra Classic this year. Learn how your comment data is processed. *Benchmark, Best Blockhain Crypto, last 12 Months, Luna Classic Outperformed every single cryptocurrency between May to September. LUNC is in a competitive market where buyer interest depends on the demand for Luna Classic coins. We update our LUNC to USD price in real-time. The LUNA foundation guard liquidated most of their BTC holdings to stabilise the peg. var plc588602 = window.plc588602 || 0; Following the tokenomics, the total supply of the new LUNA Core chain would be capped at 1 billion tokens. UST crash proposal. Through the adoption of the proposal, the Terra ecosystem, including its hundreds of developers, a vast number of holders, and strong brand reputation, will be retained. Given the results of the last 3 months, it isnt very likely to yield results. Thats wishful thinking. There are many reasons why Terra was once in the top 10 cryptocurrencies. In October and November combined, LUNC lost over 50% of its value. Officially launched in April 2019, LUNA is the native token of Terra used to stabilize the price of the protocols stablecoins. Government regulation With the crash of FTX in November and Luna earlier, there is an increased chance of Government regulation. Many success stories popped up in the media about how regular folks were able to get rich from Luna. AVCT Stock Forecast 2023: How High Will AVCTQ Go? Introducing thenew liquidity profile will ensure that small $ LUNA holders have similar initial liquidity profiles. More on that later. Brenda is a crypto and Blockchain enthusiast and has been crafting . The Crypto exchange Binance said it supports the Terra Classic network upgrade v1.1.0. Participation in the platforms governance by adding to and voting on proposals when it comes to changes in the Terra network. If youre going to invest in digital currency and other particularly volatile assets, you have to accept that theres going to be some outsized risk associated with it. Join our Telegram Group and get trading signals, a free trading course and daily communication with crypto fans! It was one of the most appalling events in crypto history. By using this website you agree to our terms and conditions and privacy policy. Luna Classic could still recover due to market conditions improving but that would be in line with the market and not the outperformance as seen between May and September. As the market is already in bear mode, the fall of Terra LUNA works like oil in the fire. Do Kwon and the new recovery plan for Terra. However, after the Burn tax was rolled out, the recovery has not only stalled but the crypto was down for 3 months. You will also come across relevant news, on-chain data analysis and Wrapped LUNA price predictions for 2022 and beyond. BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back. How the Terra Luna crypto works, the coin's price crash explained and if it could recover The coin's value tumbled dramatically on Wednesday, falling from around $6.75 to just over $1, and is . According to its Wrapped LUNA price prediction for 2022, DigitalCoinPrice saw the token trading at an average price of $0.000151. JUST IN: $LUNA is up 3,300% in the past 24 hours after Founder Do Kwon announced a recovery plan. As per analyst Kelvin Maina For Luna to recover, they will need to address the problem and show clearly that such a drop will not happen again. An investor will have to mint UST in order to buy it; it can be done through LUNA. With thousands of tokens at present, it is unclear how many will eventually survive. We update our LUNA to USD price in real-time. The huge sell-offs brought down the price of UST to $0.91, from $1. All investments are your own decisions. Essentially, Terra needs to cut down on the token supply in order to counteract inflation. Instead, how the LUNC community can create demand for SHIB over the next few weeks in terms of a consumer/ business proposition will determine if LUNC heads to $1. On 9th May 2022, the UST stablecoin began to lose its peg. To put it in perspective, the crypto asset was trading for over $70 just a week ago. Terra UST is a decentralized stablecoin and is pegged with LUNA. If the UST is trading below $1, then the UST is burnt, and new LUNA coins are minted. We must salvage the remaining value in the ecosystem & community and rebuild the right way will (@stablechen) May 13, 2022 And moreover, the founder, Do-Kwon has also place a recovery plan which includes enlarging base pool, burning UST and staking LUNA also made some rounds. This led to billions of dollars worth of Luna being mined. Number 1 is Technology change. Binance also suspended the deposits and withdrawals for LUNC and USTC so . Fintech & Crypto News Do Kwon Details Recovery Plan, As LUNA's Struggle Continues Do Kwon, the founder of Terra, has outlined a roadmap to recover the project's ecosystem after LUNA crashed 99% from its all-time high to below $1 and TerraUSD (UST) fell out of its USD peg. The price witnessed a downfall due to several reasons and the initial trigger was the hyperinflation in LUNAs supply. Instead, he suggests that validators reset network ownership under a new token by forking the chain, and . Once Luna and UST crashed, there was a total liquidity crunch in the cryptocurrency space that caused an even more catastrophic loss of value. The good news is that the price has remained stable over the month. He announced that he would be abandoning the stable coin TerraUST and creating a new chain without the algorithmic stable coin. Despite the latest downward price action, algorithm-based forecasting service WalletInvestor gave a bullish WLUNA price prediction on 6 July. This is because the problems of the Terra ecosystem were caused by the implosion of their UST . To provide our readers with accurate, reliable, unbiased and actionable information. In the same process, a person can also involve in a form of lending (not P2P) by contributing to the lending pools and earn a healthy return. In . A lot of blockchain experts including the founder of Binance Changpeng Zhaowho has also lost almost his entire LUNA holdings says hes poor again have expressed pessimism about the LUNA recovery plan. New laws are likely to be focused on increased transparency on token ownership (KYC, Share), voting rights, and taxation. 2/ I understand the last 72 hours have been extremely tough on all of you know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this. As Terra plans to pivot to a full-fledged L1, it acknowledges the fact UST and LUNA no more exist . There are 3 major factors that will determine if Luna Classic goes back up again. In order to understand what happened, lets review what happened step by step. Terra network and its leader, Do Kwon, rose to prominence in the cryptocurrency world over the course of four years, all ending in a disastrous fall from grace. If UST slipped, traders could make money from buying UST and then exchanging it for Luna. Bitmart 150m smart chaincopeland theblock, Cryptocurrency investors try turn into utopias, Crypto kazakhstan face bitter winter power, Proponents criticize Do Kwons plan for LUNA recovery, Terra LUNAs collapse dragged the whole crypto market, Luna foundation guard luna btcdenominated ustweeks, Terraform ustchawla theblock terra ust 880m, Terra blockchain will split abandon collapsed. The community has organized really well and has accomplished a lot of milestones between June and September. The blockchain essentially aims to serve as a peer-to-peer cash system. The Layer 1 blockchain, which was among the top 10 largest digital assets by market cap, saw the value of its native token, LUNA, tank by 100%. It has been nine months since the crypto project Terra (LUNA) experienced a catastrophic collapse in May of 2022. Also, TFLs wallets will be removed from the whitelist for the airdrop making Terra a fully community-owned chain. Unlike traditional finance, the technology and algorithms along with proof of consensus validators run and operate this process as opposed to middlemen (and women) that drive many of these practices and processes in traditional lending companies and banks. Save my name, email, and website in this browser for the next time I comment. For example, traditional secured lending (Like borrowing against deposits or other liquid assets like shares or mutual funds) is under threat from DeFi-based lending. Secondly, with the LUNC community failing to develop new Use cases or partnerships, token usage is unlikely to rise in 2023. When you deposit $100, well add an additional $100 to your account. So while it is possible to launch NFTs on Terra Classic, there are better options in the market. Copyright 2023 Infomediang Business Solutions, digital coins investors have lost billions, Zhaowho has also lost almost his entire LUNA holdings, USD/NGN Falls to NGN610 at Black Market May 20, 2022, 10 Reasons To Vote Asiwaju Bola Tinubu in 2023 Election, CBN Extends Deposit of Old Naira Notes from Jan. 31 to Feb. 17, 2023, You May Go To Jail for Buying US Dollar with Naira, 2022 Osun State Governorship Election Results from 30 LGAs, President Touadra Says Future Generation Will Appreciate Him for Bitcoin Adoption, Dont Be Worried About Bitcoin Crash President Bukele to Bitcoin Investors, USD/NGN Closes at NGN605 May 19, 2022 As Parties Primaries Approach, USD/NGN Exchange Rate May 16, 2022 as ABCON Wants CBN to Create Special FX Trading Window, USD to Naira Exchange Rate May 13, 2022 as P2P Rate Stays Above NGN600. The stability of UST was derived from algorithms that linked the value to Luna. At the time of publication, LUNA is $0.0001385 on the coin price aggregator website, CoinMarketCap. It also leads to the fall of Bitcoin from $40K to $27K for the first time since December 2020. As you are aware, Ethereum is a hard fork from Ethereum Classic and Ethereum Classic is now open source. The question is, is this Terra Luna recovery sustainable and real? Crypto analysis website InvestingCube said that a LUNA crypto price recovery could very well be a possibility. It was continuously de-pegged. var pid588602 = window.pid588602 || rnd; The current supply stands at a whopping $6.9 Trillion; a 18570x increase from its previous high. Wrapped coins can be redeemed for the cryptocurrency that they represent at any given moment. After being silent for almost half a day, Kwon noted, Before anything else, the only path forward will be to absorb the stablecoin supply that wants to exit before $UST can start to repeg. NIO Stock Forecast 2023: NIOs Losses Widens, Stock Price Crashes, Can Aptos reach 1000 Dollars? Will Luna Recover? A stablecoin is pegged to a more stable currency like the US dollar. The last amendment is to decrease distribution to post-attack $UST holders. It also supports smart contracts. 3. Advertisement Do Kwon's Luna recovery plan will create a new chain following the Luna crypto crash. Disclaimer: Our articles are NOT financial advice, we are not financial advisors. A method to pay for transaction fees in the Terra network. You could exchange one Ether for 1,000 USDC tokens. The other plan includes staking 240 million LUNA tokens. In theory, if this legal action goes through, Kwon would have to return to South Korea within 14 days of receiving the notice of the revocation. 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