What is the Terra coin (LUNA) and the cause of the Drop in value of the coin.

Source
Hello all dear friends.
I hope everyone is always in good health and always successful for all friends wherever you are.

Come back with me here in this beloved community of #TFC for me to explain and tell a little about the LUNA coin which is currently viral.

For now, the Terra coin (luna) has become a hot topic on social media because the price has dropped dramatically to 98%, this week until today the coin has made everyone suffer big losses.

What are Terra coins ( LUNA )?
The terra coin is basically a blockchain network project, published in 2018 by Daniel Shin and Do Kwon, both of whom founded the coin in South Korea called Terraform Labs. The terra network works using the Delegated Proof-of-Stake algorithm mechanism ( DPoS).

Screenshot
On a few days ago the price on ( 12/05/2022 ) the price of this coin was traded at US $ 1.18 per dollar at 10:12 WIB and at that time also reached a price of US $ 86.7 per coin.

The coin was first issued at a value of US $ 0.8 per coin and in April it reached US $ 119.55 per coin, even becoming one of the largest market crypto assets at that time with a value of US $ 40 billion.

And now we can see in my screenshot above, now the value of the coin can be said to have no value anymore.

Screenshot
I took this screenshot in Upbit Market, and in that market the Luna coin will also be deleted soon, because in some other markets this coin has been deleted and cannot be traded anymore.

According to what I read the information in the Upbit market.
Here's the information.
Dear Traders,

We will be removing the LUNA/BTC pair from trading on Upbit Indonesia.

According to the Delisting Policy, we have determined there is an urgency to stop trading for investor protection.

The LUNA project aims to peg UST(TerraUSD) to USD via their algorithm. However, it is certain that the current pegging process is not running as it should.
Upbit has been monitoring LUNA/UST price fluctuations and algorithm operation. Due to the potential for unforeseen losses to investors from sudden fluctuations in the circulation and market price of LUNA, Upbit has issued an investment alert on May 11, 2022.
Since the issuance of the investment warning, the number of LUNA in circulation has increased rapidly, causing market prices to fluctuate. Also, there is no significant progress in pegging UST recovery. Furthermore, due to the cessation of trading support on other exchanges, there are serious concerns on volatility.
Upbit has determined that this is a serious and urgent situation that requires discontinuation of trading support for investor protection purposes. Please be aware of the risk of rapid market fluctuations up to the termination of trading support.
[Timetable]

Termination of Trade : 10:00, 20 May 2022, Jakarta Time.
Termination of Wallet Service : will be announced separately.
Digital assets scheduled for delisting cannot be deposited after the announcement is posted.

Once deleted, all orders will be canceled and only withdrawal services will be supported.
We do not support other services including airdrops, wallet updates, etc. for deleted assets.
Appointment of Investment Warning and delisting in accordance with Delisting Policy.

That's the information I read in the Upbit market.
So this is a notification for upbit users, hopefully this is useful for many people.
Thank you.