LUNA & UST Free Fall, Can They Rise..?
LUNA & UST Free Fall, Can They Rise..?
The future of crypto currently seems increasingly bleak, altcoins are experiencing a critical period or free fall, this does not only apply to Bitcoin, but many coins that are bloody or red, including LUNA & UST.
A big event has just happened, Bitcoin continues to fall, even followed by LUNA and UST, they even keep flashing down alias plummeting. Until this information was revealed the price of LUNA is now at $3.02 with a 24-hour trading volume of $15,733,746,335, LUNA price is down -89.4% in the last 24 hours.
While UST is now at $0.494952 with a 24-hour trading volume of $5,306,671,040, UST's price has fallen -45.0% in the last 24 hours. Today the two coins continue to fall, indeed when the price is down like it is now an opportunity for us to buy the two coins as assets.
Terra LUNA's plunge was followed by stablecoin UST's decline to its lowest point, stablecoin UST's decline to its lowest recorded so far. One of the causes of LUNA's decline was caused by Terraform Labs (TFL), which is the developer of LUNA, emptying its treasury wallet containing around 42,530 BTC or the equivalent of 1.3 billion dollars today, quoted from Techcrunch.
Not only LUNA experienced a decline, but almost all crypto assets with large market capitalizations also experienced a decline. Overcoming this, the project executives did not remain silent, they had devised a rescue plan with $1.5 million in reserve funds. Currently Terra and Luna Guard Fundation are still having trouble getting another $1 million so that assets don't go down further.
On May 10, 2022, the LUNA Team also made a publication to clarify the FUD that occurred because investors were worried that UST's market capitalization was bigger than LUNA's. Because if the market capitalization of UST is greater than LUNA, it means that the UST burn mechanism that gets LUNA can make LUNA's price go down and eventually it must become a failed project.
In addition, the publication is a plan to save UST, where Terra has already spent $ 1.5 million from his Bitcoin reserves and will spend another $ 1 million. From the graph, it can be seen that it will take more than two months for LUNA to recover, which is likely to happen again.
But at this time the possibility is very small because there are no funds available to restore UST and LUNA as before. So LUNA investors must be willing to save and maintain their investments and must be willing to experience this high volatility.
LUNA & UST Free Fall, Can They Rise..?
Source Images :
https://www.coingecko.com