• Terra LUNA underwent a price crash that wiped out more than $40 billion of investors‘ money in May.
• Terra created new coins called LUNA and distributed them to the LUNC and UST holders as well as to the development of the Terra ecosystem.
• LUNA currently trades at a fraction of a dollar, with a circulating supply of 6 trillion.
The crypto world has seen its fair share of ups and downs, but none more so than the recent crash of Terra LUNA. In May of this year, the coin experienced a massive price crash that wiped out more than $40 billion of investors‘ money. This crash was a result of the UST de-pegging against the US dollar, and the company liquidating 40,000 of their BTC holdings to stabilize the UST peg, leading to an entire wave of downtrend across the crypto space.
In response to this crash, Terra created new coins called LUNA and distributed them to the holders of Terra Luna Classic (LUNC) and UST (Universal Stablecoin) as well as to the development of the Terra ecosystem. The new coin was launched in the same month, forking the Terra blockchain and replacing the old coin with LUNA.
Currently, LUNA trades at a fraction of a dollar, with a circulating supply of 6 trillion. The token attempted to cross the $1.27 barrier, but it failed and is currently trading at $1.23. However, it is worth noting that LUNA has lost more than 50% since the collapse of the FTX exchange.
Investors are now wondering about the future of LUNA, with many doubting the project’s potential. Although the current trend shows that the token is trying to recover, it remains to be seen if the coin will be able to maintain its value this year. Until then, investors must exercise caution and continue to monitor the coin’s movements and market sentiment.