{"id":51463,"date":"2022-05-11T20:59:30","date_gmt":"2022-05-11T18:59:30","guid":{"rendered":"https:\/\/www.rudebaguette.com\/?p=51463"},"modified":"2022-05-11T20:59:36","modified_gmt":"2022-05-11T18:59:36","slug":"luna-crashes-from-100-to-below-1","status":"publish","type":"post","link":"https:\/\/www.rudebaguette.com\/en\/2022\/05\/luna-crashes-from-100-to-below-1\/","title":{"rendered":"LUNA CRASHES FROM $100 to below $1\u00a0"},"content":{"rendered":"\n

Today is a sad and tumultuous day for cryptocurrency investors, and enthusiasts as the price of the LUNA<\/a> coin hits the slopes.\u00a0<\/p>\n\n\n\n

Concurrently, the LUNA cryptocurrency has been losing a greater part of its value this week. On Tuesday, 50% of its value was lost. Today, the second arrow hit deeper. Over 90% has been lost by the crypto company. <\/p>\n\n\n\n

Many have expressed contempt and displeasure over the sudden drop. The drop has been attributed to Terra\u2019s stable coin ecosystem. The stablecoin current price pegs at $1. It led to investors pulling out existing funds from the crypto space. <\/p>\n\n\n\n

Weeks ago, LUNA was in one of the top 10 positions in cryptocurrency according to its market cap. Following its depreciation, its market cap has gone down to $2 million, while its current position is 38th in the world Crypto index.<\/p>\n\n\n\n

LUNA has lost over $25 million in the capital between three days. <\/p>\n\n\n\n

Meanwhile, the LUNA foundation<\/a>, a non-profit organization headed by CEO and co-founder Do Kwon<\/a> aided the deployment of 42,500 BTC to help upholster the staggering economy.\u00a0<\/p>\n\n\n\n

Though every attempt proved avail, they also seemed to have $1 million collateral from market controllers, which also ended at a crossroads. <\/p>\n\n\n\n

A premeditated plan?<\/h2>\n\n\n\n

Some believe that this event could be a premeditated attack by people hoping to see the downfall of the Terra company<\/a>.\u00a0<\/p>\n\n\n\n

A recent tweet by a Twitter user who is a well-known crypto analyst on Twitter under the name of \u201cOnchain Wizard\u201d talked about how the attack on the group was probably implemented. <\/p>\n\n\n\n

The crypto analyst explained that the possible attacker probably borrowed 100,000 BTC which was sold into LFG to fund the UST Reserve Fund<\/a>. The attacker created a $1billion position flagship using the Terra stable coin.\u00a0<\/p>\n\n\n\n

Hope for Terra?<\/h2>\n\n\n\n

In a statement, this morning, Do Kwon stated that a new project would immediately take effect, which would mint LUNA in a bid to engulf and absorb excess UST in circulation and the sell-out pressure. <\/p>\n\n\n\n

Investors don’t see this as a feasible plan. Their reasons are valid because even if the plan works out, the company may not have the backing of dominating crypto shops such as Pantera and Galaxy. <\/p>\n\n\n\n

They have all expressed uncertainty and fear in plunging money into the proposed project. <\/p>\n\n\n\n

In a viral tweet, the CEO, Do Kwon said, \u201c Naturally, this is at a high cost to UST and LUNA holders, but we will continue to explore various options to bring in more exogenous capital to the ecosystem and reduce supply hangover on UST.\u201d <\/p>\n\n\n\n

Following the spiral between UST and LUNA, the US treasury secretary Janet Yellen has proposed a notion for the regulation of stable coins before the year ends. Other stable coins like the USD coin and Tether are still maintaining their price. <\/p>\n\n\n\n

This is the lowest drop LUNA has ever experienced since 2021. The company has rather expressed optimism and hope that the incident will be a thing of the past. <\/p>\n","protected":false},"excerpt":{"rendered":"

Today is a sad and tumultuous day for cryptocurrency investors, and enthusiasts as the price of the LUNA coin hits the slopes.\u00a0 Concurrently, the LUNA cryptocurrency has been losing a greater part of its value this week. On Tuesday, 50% of its value was lost. Today, the second arrow hit deeper. Over 90% has been<\/p>\n","protected":false},"author":77,"featured_media":51464,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"subtitle":"","footnotes":""},"categories":[113],"tags":[],"class_list":["post-51463","post","type-post","status-publish","format-standard","has-post-thumbnail","category-finance"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/posts\/51463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/users\/77"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/comments?post=51463"}],"version-history":[{"count":0,"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/posts\/51463\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/media\/51464"}],"wp:attachment":[{"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/media?parent=51463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/categories?post=51463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rudebaguette.com\/en\/wp-json\/wp\/v2\/tags?post=51463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}