Why Luna crashes over 95%?

Channel:
United Kingdom iZem
Subscribers:
13,700
Published on ● Video Link: https://www.youtube.com/watch?v=BTRpZOeUNa0


Game:
Luna (2017)
Duration: 0:52
619 views
5

Why Luna crashes over 95%?


The price of Luna, the collateral for UST fell as a result of short selling. To alleviate the negative price pressure, Terra was forced to coin more Luna. The UST rate is going down. The Luna's value dropped as a result, although the peg was not reinstalled


Cryptocurrency Terra Luna crashed over 85 per cent on Wednesday, data from CoinMarketCap shows, with the cryptocurrency trading at $6.18 as of 12:30 PM IST.


Why did Luna crash?


The cryptocurrency plunged over 80 per cent on Wednesday because of the UST (Terra USD), which is an algorithmic stablecoin, de-pegging fiasco.


But how are Terra Luna and UST related?


The success of the Terra ecosystem is based on the adoption of UST as a stablecoin, hence the Luna token and UST are inextricably linked. Luna invests in UST and loses money as demand for UST increases. After upgrades like Columbus-5, the Luna supply may become severely deflationary in the long run.


Alternatively, if UST is seen as volatile, Luna's value may fall. Following the Wormhole hack, UST lost its peg, causing the value of Luna to drop temporarily.


Why did UST de-peg?


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The US dollar was devalued on May 9, 2022, and fell from $1 to $0.68. At the time of writing, it was unclear whether UST will resume its peg.



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Other Statistics

Luna Statistics For iZem

At present, iZem has 983 views spread across 3 videos for Luna, and less than an hour worth of Luna videos were uploaded to his channel. This makes up less than 0.16% of the total overall content on iZem's YouTube channel.