Let's talk about terra blockchain and its cryptocurrency Luna
A few months ago the blockchain Terra created new millionaires thanks to its native token LUNA and its stable coin the UST . but the last few hours everything collapsed some claim Rugpull I do not understand very well what happened but I always followed the cryptocurrency LUNA that got to be at 100 dollars and always seemed attractive to me so let's talk about it.
This project has something called anchor protocol which is a staking DeFi that has been very successful , I thought about investing many times but as I have no capital I did not do it , the thing is that they give you 20% of your money in staking and many people made money , you put in staking your LUNA tokens and you get UST , so people were buying more and more LUNA so the price went to the moon literally.
But the price crashed horribly, experts claim that the backing of the UST stablecoin was in BTC so when BTC fell the coin lost its support , this UST coin which should be worth 1 dollar came to cost half a dollar and that made investors panic and everyone started to sell.
I when I saw the LUNA coin at 10 dollars I bought 5 coins I saw it as an opportunity , at this moment the coin cost 2 dollars so I made a bad investment , if we see the graph of LUNA we see how the price plummets the last hours it looks like a rug pull , but everyone is waiting for the CEO of Terra to speak .
A few days ago the LUNA token had reached 20 dollars and bounced and rose I thought it would happen a similar situation but it was not the case, here something bad happened that we do not know, maybe there was a hacking because the price has fallen too much, although if the stablecoin UST does not work I understand that everyone sells looking for other stable coin that if they work, here being honest many people sold at a loss.
From the beginning it seemed strange to me the success of the UST , taking into account that already existed the USDT the USDC and BUSD , but I understood all this staking anchor protocol and its 20% monthly , the formula seemed to have logic every time someone bought 1 UST positively affected the LUNA token , but something was done wrong here.
Thank you for reading
Greetings @ramsesuchiha, unfortunately it is a sad scenario that is being experienced for those investors whether small or large who bet on the luna project, personally it was assumed as a stable project and had a significant rebound so much so that it became one of the most important cryptocurrencies and preferred by users there is still much to cut and much to discover or know as this fall is presented more as uniscan than anything due to the speed and acceleration of the decline that has had the currency of this project greetings
While many people are seeing the negative side of the whole situation, some others are filling their bags with luna coins at cheap price, and buying the dip. Imagine when the market will rise, they will be in massive gain.
Thanks for sharing buddy
yes it is a great opportunity, thanks for reading
Hello dear friend @ramsesuchiha, terra's blockchain has been becoming one of the favorites in the last few months due to the great returns it has been giving, but as you rightly mention, the fall of the market has strongly shaken Luna, let's hope that in the long term it can recover.
Have a great weekend.
It's a crying shame that so many people are losing so much money. But there are a lot of people that are making a lot of money on this too.
some win and others lose, law of life, thanks for reading
Terra crash couple with UST have been a real sad event in crypto history lots of investment have been lost, did lost a couple of $$ not too bad i guess.
Luna price made a $0.7 low according to lots of people there is a coordinated attack on luna token.
Lets hope the price gains momentum in near future thanks for the share.
it has to be a coordinated attack, there is no other explanation, we have to wait for the official explanation
The team behind LUNA/UST is doing everything they can to regain the peg. I think they will soon, but I doubt that they will be able to restore the trust they lost...
Thanks for sharing :) @ramsesuchiha
This loss will take years to recover and I am talking about trust, many people lost money
The LUNA story is an interesting one and we are yet to see the end of it.
we have to be attentive to the news here there are still many things to know, thanks reading
thanks
Hey @ramsesuchina I'm new in the world of crypto currency and jumpned in this for earn some some little money so that i can continue my education but same issue happed with me I bought hive when the proce is 45.00 inr but after few hours it's price was 35 and then 29 now it is recovering but all are happed which is not expected .
Terra luna has been a nightmare for its investors at present it is as good as dead.
IF it rises again?
Cannot say. In cryoto anything seems possible