Source: The VR Soldier

Luna Cryptocurrency Price And Why It Slumped Down

LUNA cryptocurrency price has been a highlight this weekend due to its free-fall that reached 98%. It really shook up the cryptocurrency world, since Terra Luna was once known as one of the premier currencies among crypto investors.

So, why is LUNA crashed significantly after the price reached $86,7 per coin in the previous weeks? We will know everything about LUNA cryptocurrency news here. Let’s just get started.

What Is LUNA Cryptocurrency?

Luna Cryptocurrency Price
Source: flight-sensations.com

LUNA has an important role to regulate and maintain the value of TerraUSD (UST) as its algorithmic stablecoin. LUNA and UST itself are one of the crypto creations of Terraform Labs based in South Korea. Additionally, both work under the Terra network.

LUNA token and UST are mutually dependent. This is because the Terra ecosystem has succeeded by its adoption of UST as the stablecoin. Eventually, LUNA invested in UST and is burned as demand for UST increased. Otherwise, if the UST has become unstable, then LUNA might be falling as well.

In April 2022, Terra LUNA has reached its highest price of all time which is $119,18 per coin. In addition to its highest achievement, Terra LUNA also used to be a crypto asset with the six biggest market capitalization at $40 Billion.

LUNA, however, which used to rank among the top 10 crypto assets now has fallen to 40 places. This just doesn’t make any sense at all.

Why Is LUNA Cryptocurrency Price Falling?

Luna Cryptocurrency Price news
Source: The Independend

As mentioned before, Terra LUNA and UST are mutually dependent. The price of UST has crumbled down under the pressure of a sell-off in cryptocurrencies recently. As a result, it also brings an impact on the LUNA cryptocurrency price prediction.

According to CoinmarketCap, on Thursday (12/05/22), Terra LUNA has tread for $0,45 per coin. This is actually breathtaking news, ain’t it?

How To Recover LUNA Price?

Is Terra (LUNA) Behind The Recent Bitcoin Surge? | Bitcoinist.com
Source: Bitcoinist

After the slump of LUNA cryptocurrency, Do Kwon, the founder of Terraform Labs claimed that he has a plan to bring back the LUNA on track. However, he hasn’t released any clues related to this case.

Several believe that Terraform is keeping in touch with crypto investors to help LUNA recover.

Conclusion

LUNA cryptocurrency price has now slumped down. It’s kind of very shocking news as it is still in the highest position in the previous weeks. Hopefully, the founder with the hands of the investors could solve this problem and bring back the LUNA comes to life.