Yugocean
Valued Contributor
The Terra Foundation is in such horrible financial position that it appears Terra's bulls have been martyred in a bear attack.
Until recently, the Terra (Luna) Foundation had been known for stockpiling bitcoins worth billions of dollars, but its market abruptly began to drop, even during the crash.
Terea's dollar-pegged stablecoin UST fell badly yesterday, eliminating its chances of being a stablecoin (today it is not even 50 cents). Today the core issue of the Terra blockchain, the Terra (Luna) cryptocurrency has been destroyed.
This currency, which was shining above 100$ a few days ago, lose more than 95% of its market value in just few hours, it is struggling for 2$ today.
Terra's current state has proven that you cannot run any type of cryptocurrencies just by having bitcoin reserve.
Luna still have hope, because today it reached below $1 and then gained some of its lost value. In crypto market, never invest more than you afford to lose.
Until recently, the Terra (Luna) Foundation had been known for stockpiling bitcoins worth billions of dollars, but its market abruptly began to drop, even during the crash.
Terea's dollar-pegged stablecoin UST fell badly yesterday, eliminating its chances of being a stablecoin (today it is not even 50 cents). Today the core issue of the Terra blockchain, the Terra (Luna) cryptocurrency has been destroyed.
This currency, which was shining above 100$ a few days ago, lose more than 95% of its market value in just few hours, it is struggling for 2$ today.
Terra's current state has proven that you cannot run any type of cryptocurrencies just by having bitcoin reserve.
Luna still have hope, because today it reached below $1 and then gained some of its lost value. In crypto market, never invest more than you afford to lose.
