The sharp crash of Terra Luna Classic ($LUNC ) to $0.00001 from $118 in a single day was caused by a combination of systemic and technical failures within the Terra ecosystem, primarily in May 2022:
1. De-pegging of TerraUSD (UST): UST, an algorithmic stablecoin tied to LUNC, lost its peg to the US dollar. This instability led to a collapse in investor confidence and a rush to sell both UST and LUNC.
2. Hyperinflation of LUNC: In an attempt to stabilize UST, the Terra protocol minted a vast number of LUNC tokens, which led to a massive oversupply and further plummeted the value of LUNC.
3. Market Panic: As LUNC’s price began to fall, panic selling ensued. The combined effect of a lack of trust and systemic design flaws caused a cascade of sell-offs.
4. Algorithmic Flaws: The Terra ecosystem's reliance on algorithmic stabilization mechanisms was heavily criticized for its inability to handle extreme market pressures.
This collapse resulted in billions of dollars lost across the ecosystem and severely damaged the reputation of the Terra project, serving as a cautionary tale for algorithmic stablecoins and speculative crypto markets.
However the lunc is gaining it's strength. Hopefully it will give a handsome amount of profit in future. DIYOR
#BitcoinKeyZone As bitcoin is the first ever crypto currency, It plays a great role in the crypto world. Other coins are called alt coins. The price of alt coins is dependent on $BTC . In a word we can say Bitcoin is the key to the crypto world. $USUAL $SUI
$USUAL is now trading at 0.67. It may be a great opportunity for those who want to keep some stock of the usual. After launching it will hopefully go to the moon. DIYOR
$SUI is on fire. It's pumping like never before. Those who are short time spot traders can make a handsome profit now. Its bullish trend is gaining potentiality. #DIYOR
It seemed to be a little bit of a warning for $USUAL holders. Usual will be suspended from pre market on 17th December. this news made an alarming condition in the market. That's why it started dumping. But Don't worry at all. It's not a matter of sorrow at all. Hope it will be 1usdt after listing. #BTCReclaims101K
$PNUT A promising coin with a high responsive community. After the last 2 days' decreasing, PNUT is showing its bullish sign. This time it will probably suppress its ATH. It may be a good option for short time traders. #DIYOR
After a correction to 0.66, $USUAL is gaining its strength again. It will go to the moon soon. It is already bumping. I think it is high time to buy and stock some $Usual.
#MajorAirdropWatch $BTC Sometimes ago, $USUAL showed a great decline up to 0.65 and then repeatedly is increasing. Will it gain it 1 usdt today or not?
#2024WithBinance Binance is the most trustworthy platform of trading. But it needs to improve more. Doge coin is a promising one in the crypto world with a great influence by Elon Musk.
Do you remember Stephen Thomas, the German programmer who became famous for losing access to 7,002 #Bitcoin ? In 2011, Stephen received 8,000 Bitcoins as payment for his work on a Bitcoin-related project. Back then, Bitcoin was still in its early stages, and its value was much lower, with one $BTC worth around $0.30.
However, Stephen lost access to his digital wallet due to forgetting the password. Unfortunately, the wallet was heavily encrypted, and he couldn’t recall the password, resulting in the loss of 7,002 Bitcoins, which are now worth over $200 million.
Stephen tried repeatedly to recover the password using all available methods, but he was unsuccessful. In an interview with The New York Times in 2021, he said, "Bitcoin was just an experiment at the time, and I never expected it to become so valuable." “I would just lay in bed and think about it,” Mr. Thomas said. “Then I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again.” $BTC
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