Terra, also known as LUNA, peaked at $199 in April before witnessing a steady decline throughout the backend of the month, down to $76. The digital coin, ranked in the top valuable cryptocurrencies, has reportedly dropped over 99%, and many investors have lost a lot of money.
The week has since been witnessing a mass crash of the crypto market, and as it appears, LUNA has the hardest hit, dropping to less than $1 in value.
CaetanoManfrini -Via
The plunge has seen the digital coin lose 97.4% of its value in just 24 hours, with its market cap going from above $40billion to just $500million. This is perhaps the most unprecedented loss form for any leading cryptocurrency. Do Kwon, the founder of Terra Creators Terraform Labs, has taken to Twitter to address the situation.
He wrote: “Dear Terra Community I understand the last 72 hours have been extremely tough for all of you – known that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this Together.”
stablekwon -Via
“The Terra ecosystem is one of the most vibrant in the crypto industry, with hundreds of passionate teams building category-defining applications within. As long as these builders, TFL among them, continue to build – we will come out of this together.” Some investors remained a little more positive, with YouTube star KSI taking the crash as an opportunity to purchase 100,000 Luna, stick them in a wallet and watch what happens in a few years.
But many crypto traders aren’t taking the news well and have taken to r/TerraLuna to share some heartbreaking stories. One person wrote: “I’ve lost all my life savings. Had bought Luna at $85, not sure what to do.”
Another said: “This seems unreal I can’t believe this is happening. I basically lost 60k overnight with what could have been considered a risk-off asset for three days, and I can’t do anything about it.” Can’t sell, can’t buy, I can just watch it burn. This is insane. What the actual f**k.” Binance had temporarily suspended withdrawals on Terra amid the crash, and the Subreddit had pinned a thread containing national helpline numbers after some upsetting recounts from its users.
Someone shared some wise words to help others cope with the losses
anishkmitra -Via
