Here’s Why the Terra LUNA Price Is Crashing to $0, but This New Crypto Is Surging
Terra LUNA, the first-ever algorithmic stablecoin maker, has struggled to make a comeback since its dark days of 2022, which negatively impacted the overall valuation of crypto asset prices.
In May 2022, Terra LUNA suffered some of the biggest weekly dips as its price value plummeted 99.7% in a week, as per CoinMarketCap data.
The protocol saw its UST stablecoin depeg even further, pushing its value to less than 10 U.S. dollar cents, suffering massive deep from its all-time high of $120 in mid-April.
Meanwhile, the project has created a new protocol with the same ethos but with the obvious absence of its UST stablecoin.
Despite the development team's best efforts, the former glory has not returned to the Terra blockchain.
Meanwhile, investors are already eyeing a new blockchain project that can disrupt the survey industry. This new project is called Love Hate Inu.
Terra's new token, LUNA 2.0, is consolidating and has had no issues with its rebranded blockchain network.
However, its older version has been faced with a severe price decline since the start of May 2022 due to a broader bearish correction, a colossal loss of 15 billion LUNC tokens on its Terraport bridge, and a spate of internal conflicts of interest in the development team.
As of press time, Terra LUNA CLASSIC, $LUNC, trades at $0.0001 with a 24-hour trading volume of $41 million.
Between the 9th and 12th of May, the asset lost nearly all its value as it recorded a steep downtrend of up to 99.98, a massive shift from $64 to $0.0087.
The colossal effects of the Terra crisis permeated the entire cryptocurrency market, which was already on a bearish trajectory due to macroeconomic conditions.
According to price analysis, the $LUNC market is bearish. The digital
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