Urgent: Cryptocurrency has collapsed to zero, jumping 110% now “Watch out” By Investing.com

© Reuters.

Investing.com – The controversial currency took only a few minutes to make gains more than twice its value, after surging more than 110% in the last minutes of trading on Thursday.

The Terra Luna coin rose during these moments by more than 110 percent, reaching levels of $0.0002156, compared to its lowest level within 24 hours, at a price of $0.0001023.

And the market value of the Terra Luna currency, which collapsed to zero less than two weeks ago, rose to levels exceeding 104 billion dollars and now stands in the 212th place among the currencies in terms of market value.

Not the first

This is not the time that the Terra Luna currency has risen so crazy after the big crash on May 9, when the Luna rose by more than 4000% early last week.

After the violent collapse to levels near zero, the Terra Luna currency succeeded in recording significant gains during trading last Sunday, but it came very far from its historical peak and levels before the collapse.

Tera Luna rose more than 4470% during trading last Sunday, from a low of $0.0001675 on May 13 to a high of $0.0007658.

However, Terra Luna collapsed again to give up all those highs in a few minutes down to levels near zero again.

false heights

“The volatility in the Luna pair is absolutely insane,” famous crypto expert Michael van de Poppe said, adding that “a great weekend to profitably trade the bottom a bit.”

Crypto expert Michael van de Poppe had earlier mocked Terra Luna’s collapse.

“I don’t really think Luna is a buy and hold right now, it’s a risky game in and out,” said Altcoin Gordon, crypto analyst and defamation expert.

Jordan added, “I have no idea what’s going to happen with her…be careful if you’re trying to trade him!”

Coin analyst Luke Martin said the Terra Luna coin is the first coin in history to go to zero and then rise 100 times, all within a week.

Martin added that despite the supply ballooning to 6.9 trillion tokens, the Luna subsequently increased in value 100 times from its lowest price, which it fell to at zero.

Martin said that Luna only needs to rise 100 times to reach the dollar and not its historical peak above the $100.

Terra UST

On the other hand, the Terra stablecoin is trading near the half-cent levels, indicating that the return of the currency near its market value or pegging it to the dollar has become impossible.

The UST coin is rising around 6% at levels near $0.06, while its market value is about $732 million, after it was before the crash the third largest stablecoin after Tether and Binance USD.

Luna and the new version

The current coin that co-founder Kwon is proposing to devalue will be changed to LUNC “Luna Classic,” and the old Terra series will be called “Terra Classic.”

Terra founder proposes splitting the chain, resetting network ownership to just 1 billion tokens, down from more than 6 trillion LUNA tokens currently in circulation.

Specifically, 400 million Terra fork tokens will be distributed among former LUNA holders at the time the vaults were first separated this month.

More than 100 million tokens, or about another 400 million tokens, will be shared with token holders at the time of the upgrade, to make them fully indebted to Terra.

The next 100 million will go to the last LUNA holders before the Terra Series is discontinued with the last 10% going to community pools.

The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in it 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.

Leave a Comment