A Single Digit Coin Price Now Huh?
In my years of crypto investment this is the first time I am seeing a project fall this hard. Luna is more than 90% down in less than 7 days, haven’t seen this in my life to a project with standard utility, use case and backing. If you are reading this and you invested in Luna or UST and still holding, my heart goes out to you because I can’t imagine what you are going through right now. May be because this is feeling like a Dodged the bullet kind of feeling for me.
After hearing the UST APR yield increase to 20% I saw it as a good opportunity to make 20% on a StableCoin without doing anything. Besides, UST was supposed to be stable and offer low risk. But then HBD savings on Hive increased from 12% to 20% after that. Thanks to the witness for that, they just saved me the loss of buying some UST to stake.
Back to LUNA, Luna was slightly above $100 few days ago, having a 3 digit value, look at the price now, almost going down below a 1 digit price oh!! Sorry, it did go down below $1 and touched $0.7. What happened? How did it get there? The supply of LUNA and UST keep increasing because of its mechanism making the price decrease. But then, how did it go this low so fast? This will be story for another day.
Few weeks ago, the Terraform and LFG(Luna Foundation Guard) were being praised and applauded for having resources available for backing the StableCoin UST, this created more trust and made sustainability possible for the platform. The confidence Do Kwon(the founder of terraform) had on these projects were unshakable to the extent they promised to defeat DAI. Well this experience has humbled them. If I were to be in the position of hodling LUNA, I don’t know what I would have done. Trust in the project and keep holding or sell and run for my dear crypto life?
The founder has finally broken the silence by giving a long thread tweet on Twitter. This thread was filled with assurance that the project is here to stay despite this crash crises. This is to give the LUNA fans,a.k.a LUNAtics, hope that their investment is safe, they just need time to bounce back.
UST, was a coordinated attack according to the founder, because its algorithmically backed, the mechanism was used against it. Trending topics and talks sparks my curiosity and this has made me research more about UST and LUNA, so I will be talking more about them on my blog now.
Trust the governments and regulators to use the opportunity to scrutinize crypto and emphasize how risky it is. This is going to be among the history book of crypto price crash and become one of government’s favorite lines to use when trying to defend their statements that crypto is extremely risky and it should be banned.
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https://twitter.com/readthisplease6/status/1524435007867129859
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The Luna talk on Twitter has been crazy. I don't know why exactly these attacks started but only a few days ago I saw a post by someone talking about how the use case of UST makes the stablecoin one of the best out there. They also had a recent affiliation with Travala and all that. All this comes at a time when almost everyone had high hopes.
Luckily for me, I keep my options limited with crypto these days. I've gotten my ass beaten one time too many.
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Yeah, making it look like an “enemy of progress” kind of situation
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That's exactly what they make it seem like. Says it was a strategic attack or something like that
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The impact of Luna is rippling through crypto and making many fearful and uncomfortable, but I suppose it will survive at some level, just not sure how well.
I fortunately didn't have any, considered getting in on the way down at about $60
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Yeah, I considered buying UST because I know after the crises it will get back to $1, but don’t know when
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Lol. Some people are thanking their stars for dodging several bullets after nearly purchasing some UST while others are crying blood. I guess that’s what you get in a game of uncertainty, sometimes you win sometimes you lose.
Of course the anti cryptos are going to bank on this to push their agenda but the real ones know the game is risky but that doesn’t mean you can’t play to win. I’m sure sure how LUNA is going to get back on its feet but my heart goes out to the holders.
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My heart really goes out to them, but then, what can we do. I hope they truly get back on their feet. But I doubt people will trust terraform anymore
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My heart really goes out to them, but then, what can we do. I hope they truly get back on their feet. But I doubt people will trust terraform anymore
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I looked at the hype around this coin with great apprehension, but it was an internal intuition, not based on any facts. Just when you look at a crowd of people and understand that, now, someone will be crushed in this crowd. But maybe I'm wrong and the coin will return to its position over time.
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I also had this lazy feeling of not buying into their project, because I wanted to invest in Luna so bad but I was lazy. Glad I didn’t at last
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I went to the market, I looked, the price is too ridiculous, I bought three hundred coins, now that it costs $1.20, I do not have the feeling of the crowd, lol. I can wait until the recovery, or donate this amount, it's not 30 and not $100 per coin). Thank you for the article!
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This is a reminder of how young this space is. We aught to trade with caution. But what ever decision you make is cool regardless of the outcome
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