Luna and her ecosystem have been dropping into hell at an unprecedented rate in recent hours. Following the depreciation of the UST, the house stablecoin, it is the LUNA token that is witnessing a precipitous and seemingly unending crash…
Luna’s crash continues.
The depreciation of the UST, the stablecoin of the Terra ecosystem, was the first setback for this crypto sector’s main project. The algorithmic stablecoin has failed to regain its $1 value and appears to be in serious trouble. The cryptocurrency is presently trading at $0.5 after falling to $0.30.
This announcement has had a significant influence on the ecosystem’s native token, the LUNA, which has subsequently stalled in a very violent manner. Luna was one of the year’s best-performing projects, with an ATH of roughly $116 in April 2022.
The project has dropped by more than 91% in the last 24 hours and is now selling for around $2.75.The token’s collapse does not appear to be coming to an end, and it drags an entire ecosystem with it. After being in the top ten for several weeks, Terra is currently ranked 57th in terms of market capitalization.
Faced with this storm of negative news, the Do Kwon project’s founder posted a message on Thursday to comfort the community. It specifically states that reflections will be conducted and that a change to the collateral arrangement would be considered. These announcements did not soothe the market, and the selling pressure on the LUNA does not appear to be abating.
Many jokes are now spreading on social media about Luna maybe reaching $1 with the stablecoin UST…
DefiCoin, a rising alternative
Unlike LUNA, the DEFC appears to be unaffected by the general decline in cryptos. DeFi Coin (DEFC) is, in fact, a decentralized financial initiative (DeFi). DeFi Coin was released on May 10, 2021, and has since grown at a dizzying pace.
The DeFi Swap, the project’s decentralized exchange, has recently been released as one of the main milestones. DEFC is the native token of DeFi Swap, and the token has enjoyed great gains in the days since its inception.