Urgent: A digital currency loses a third of its value in minutes .. a new zero By Investing.com


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Investing.com – It is not new for the currency that has been shaken by the cryptocurrency market to record further declines amid expectations of more volatility and speculation for the luna currency, which has become a neglected currency after the new issuance of the Luna Coin or Luna Classic.

During the past few minutes, a currency lost more than 2.2, equivalent to 30%, within a few minutes, down from the levels of 6.6 dollars to the levels of 4.6 dollars per symbol.

The market value of the Terra Luna currency fell to levels below one billion dollars, and this comes at a time during which Terra Luna is witnessing a remarkable acceleration in trading volumes, which rose by more than 98% to reach 400 million dollars within 24 hours.

new zero

Despite the clamor over the rescue plan for the Terra Classic or loones, the currency failed even to maintain recent levels after the big crash as it fell near zero.

Losses of the lonce or terra classic increased in the last few hours after it added a new zero away from cent levels, dropping to 0.0000802 levels.

On June 3, Tera Classic was trading near levels of $0.0001023, while it is now trading with a zero increase near levels of $0.00008, down by 28%.

constant breakdown

The market value of the Terra Classic coin fell to about $ 530 million, standing at 215 among digital currencies, compared to $ 22 billion in early May, before collapsing when it was trading near the levels of $ 70.

After the new launch of the tokens, the Tera Luna coin fell from levels of $ 19 to levels near $ 3.6, with losses of 80%, after it became an old token similar to a split from Ethereum Classic.

UST (TADAWUL:)

The stablecoin was not far from the previous versions of Terra Luna, as it also fell from $0.02132 levels on June 3, down to $0.01568 levels, down by 36%.

The USTC Terra Classic has a market capitalization of about $175 million, compared to more than $18.5 billion before the collapse when it was still pegged to the dollar.

glimpse

After the voting ended, it was announced that Do Kwon’s plan to revive the blockchain by issuing one billion new tokens had been approved. Do Kwon said that the voting had ended to create LUNA 2.0 tokens.

The launch of the new Terra series on May 27 elicited mixed reactions from exchanges and traders as the tokens LUNA and UST were changed to LUNC and USTC respectively.

As Vitalik Buterin, founder of Binance Coin and CZ founder of Binance Coin, sees it: “The supply should be reduced by burning, not by dividing in an ancient history, and abandoning everyone who tried to save the coin.”

lost billions

Prior to the split, the Terra Luna currency was trading near the levels of $0.00015, which means that it lost more than 99% before the collapse on May 9, when it was trading near the levels of $60.

On the other hand, the UST Terra stablecoin is struggling to maintain the levels of one cent, after it was trading for one dollar before the big crash.

Tera Luna and Terra UST lost nearly $40 billion of their market value prior to the crash, while Luna is now worth less than a billion dollars, while the Terra stablecoin has a market value of less than a billion.

Cryptocurrency exchanges, including Binance, FTX, KuCoin, Gate.io, Bitfinix, Huobi, Upbit and Bitrue, have announced their support for the new version, while US exchanges Coinbase (NASDAQ:), Kraken and Gemini have completely ignored support for the blockchain. The new Terra.

Local media reports said that other major exchanges in South Korea have rejected a request from Terra to list the new token.

According to the news, information indicates that Terra holders in the United States of America are preparing to sue major exchanges for allowing the trading of Terra Luna and Terra UST coins following the sudden collapse.

The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.

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