Terra LUNA Attempts Revival After Devastating Crash: 6 Trillion Circulating Supply
• Terra LUNA experienced a sudden price drop of 25% within a day and more than 50% since the collapse of the FTX exchange.
• Terra LUNA responded to the crash by printing 1 billion new LUNA tokens and creating a new blockchain, distributed to LUNC and UST holders.
• The new LUNA token is currently trading at a fraction of a dollar, with a circulating supply of 6 trillion.
The crypto-asset Terra LUNA recently experienced a sharp price drop of 25% within a day, and more than 50%, since the collapse of the FTX exchange. This sudden price movement has left investors wondering about the future of LUNA, with many doubting the project’s potential. While the current price trend shows the token is trying to cross the $1.27 barrier, experts still wonder if this coin will hold any value this year.
In May 2021, the price of Terra LUNA fell dramatically, wiping 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. To combat the crash, Terra created a new blockchain and issued 1 billion LUNA tokens. These new tokens were distributed to LUNC and UST holders, as well as to the development of the Terra ecosystem.
This new coin was launched as a revival plan, forking the Terra blockchain and creating a new LUNA token. This new coin now has a circulating supply of 6 trillion and is trading at a fraction of a dollar compared to its previous price of $119 before the crash. Despite the current price trend attempting to cross the $1.27 barrier, investors remain uncertain about the future of Terra LUNA and its potential.
As the crypto-asset continues to fluctuate, Terra LUNA is attempting to regain its worth and reputability in the industry. The company has been actively working to increase the utility of their tokens, such as creating partnerships with industry giants like Amazon and PayPal, with the goal of increasing the usability of their tokens. Additionally, Terra LUNA is working to create an open-source platform to make their tokens more accessible to the public.
Despite the current uncertain state of Terra LUNA, the company remains focused on its mission of creating a stable, decentralized financial system. With their recent partnerships and open-source platform, Terra LUNA is hoping to bring stability to its tokens and foster a more secure and reliable crypto-asset for the future.