Terra (LUNA) has had a terrible few weeks as its price has plummeted after a solid start to the year. Last week, the price of Luna was blown to bits, falling below the value of a penny stock, and its associate, the UST stablecoin, which is also linked to the blockchain, crashed.
In April, LUNA reached an all-time high of $119 before losing nearly all of its value in the following weeks.
Over $30 billion in crypto worth was lost in LUNA’s meltdown, a development that shook the crypto community and grabbed the attention of outsiders. Stablecoins have been questioned as a result of Terra’s UST decline, as it was the heart of the Terra ecosystem with a market cap of over $18 billion in April.
After days of displaying little to no effort in its performance following the price drop, LUNA is now experiencing tremendous price volatility. LUNA is presently trading at $0.0002, indicating a value increase of 110 percent in the last 24 hours.
Although Luna’s price is still a shell of what it was just a month ago, any upward trend in its price is crucial because many followers are hoping for redemption. However, reactions to LUNA’s recent price movement have been mixed.
Some market analysts and players say that LUNA’s crash was unlike anything seen before in the market, and that any subsequent action should be based on a thorough examination supported by facts and numbers.
Despite the fact that the crypto market is extremely volatile, several experts believed the coin had enough support and a substantial market valuation to make it a top performer for the year. Its unexpected demise has called into doubt even the most minor developments in the area.
Even if the recent spike in LUNA’s price hasn’t been linked to any recent developments in the company’s camp, investors hurting from their assets’ untimely demise are hopeful it’s the start of something great. Some in the crypto community are betting on the currency to recover from its recent drop, as a coin large enough to occupy the fourth slot on the crypto ladder is unlikely to stay there for long.
Terra’s team has recently come under fire for changing the proposal mid-vote. Although Terra’s boss, Do Kwon, has been creating revival plans for investors to return some of their capital, he also changed one while the proposition 1623 was being voted on.
The Luna community was outraged by Kwon’s choice to make such changes in the middle of an on-chain vote.