While wondering if Luna coin will be able to return to its former levels, Luna coin comments are closely followed. While investors were looking for an answer to the question of whether Luna would be worth $1, the fact that Luna, which is in the top 10 in the cryptocurrency market and has many investors, was removed from the transaction lists of important crypto exchange market platforms after the loss of more than 99 percent, brought the reliability of the market in question to the agenda again.
The increase in the supply of Luna, which was issued by the same team to stabilize the price of the cryptocurrency UST, which was designed to be equal to 1 dollar, carried the losses to very high levels. Luna’s value has dropped to almost zero from $120, the highest she’s ever seen.
After this fluctuation in Luna’s price, Binance stock market first delisted Luna in futures. Then the trading pairs “Luna/BTC, Luna/BIDR, Luna/AUD, Luna/BNB, Luna/ETH, Luna/USDT, Luna/GBP, Luna/BRL, Luna/TRY and Luna/EUR” were removed from the exchange as the price approached zero. .
Crypto experts stated that Luna is a top 10 coin in terms of market size, and as a result of the event that took place when Luna was switching between liquidity pools and when it was at its weakest, UST deviated from the value of $ 1 and fell sharply. The fact that it coincided with the inflation data of the USA increased the anxiety. A plan was announced by the team to make UST equal to $1 again, but the plan didn’t seem to work.
Reminding that they are struggling with the highest inflation in the last 40 years, experts said, “With the effects of the unsolved tension between Russia and Ukraine and the changing central bank monetary policies, there were already serious sales to risky assets. In addition, there was a disaster that can be described as a black swan in the cryptocunnehcş market.
Crypto experts point out that the value of Luna, which is in the top 10 in terms of market size, was zeroed in two days, and they say that this caused the selling pressure on the crypto money wing to increase.
Cryptocurrencies that follow the dollar in the crypto money market and whose price is equal to 1 dollar are called “stable coins”. Simply put, there are two types of stable coins. The first is stable coins that hold dollars or equivalent assets as much as the amount of coins in supply in their reserve, and the second is algorithmic stable coins that provide 1 dollar price equality with software. Algorithmic stablecoins are fairly new and are slowly being adopted. UST was an algorithmic stable coin.”
In order to increase the value of the UST, Lunas were constantly placed in supply, and the pre-event supply of 750 million Lunas reached 20 billion within hours, with over 6 trillion Lunas now available. As early as March, Luna was counted among the most trusted projects within the ecosystem:
Algorithmic stable coins are fairly new technologies. The ecosystem has a lot of lessons to be learned from what happened. The developments on the blockchain side are still very new and the technology is still a baby in its infancy. We have seen once again the importance of risk and portfolio management and that we should not forget that we are at a very early stage in adapting to this new technology while investing.
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