Print Edition

economictimes.indiatimes.com:

LUNA has eroded its entire value to become merely a penny token. Its 'depegged' and 'unstable' sister concern USD Terra (UST), has eroded about 99.9 per cent of its value in just 72 hours. Terra, which was trading at $118 last month, boasting itself as the eighth largest crypto-token, was the worst of its day on Thursday when it tumbled down to $0.09 on Thursday. Interestingly, the token saw maximum carnage in the last 72 hours, when its value dwindled from roughly $80 to fall out to merely a few cents.

Did you Know?

Apparel maker Gap has launched NFTs for its iconic hoodies. The more than 50-year-old company's push to sell virtual assets for real money follows similar moves by clothing companies such as Nike

Algorithm-backed stablecoin of Terra Network, UST, lost its dollar peg, which led to the crash in LUNA prices. UST and Luna are interconnected as for every UST traded, a LUNA is burned and vice versa. Vikram Subburaj, CEO, Giottus Crypto Exchange, said that Terra got affected by investors losing confidence in the asset post the de-peg of its associated algorithmic stablecoin UST. «LUNA, which is used to peg UST at $1 value, lost value as investors dumped the asset quickly, while its circulating supply was increased from 350 million to 2.5 billion in 3 days to help UST recover its peg,» he added. The market cap to LUNA has slipped down in millions, less than $300 million to be precise. However, the volume of the LUNA token has been quite impressive as tokens worth $7.75 billion exchanged hands in the last 24 hours, the coinmarketcap data suggests. Edul Patel, CEO and Co-founder of Mudrex, said that the crypto market is bearish already and it might have laid more pressure leading to the