The Terra (Moon) cryptocurrency has fallen into the abyss amid the crisis in the market. Forums and communities are flooded with people desperate to lose thousands of dollars on their investments.
It’s almost the end. The Luna cryptocurrency , from the Terra Foundation , is dying this Thursday by falling to the value of 0.01 dollars, a cent, when more than a month ago it was worth 116.
Luna ‘s case would go down as one of the many failures in the cryptocurrency market, but its importance was so great that it was among the top 10 coins with the largest capitalization in the world, so its abrupt fall has caused chaos in the community. with sad cases of people who have lost all their savings.
The final goodbye to Luna?
We already explained in an article why the Luna cryptocurrency, of the Terra protocol , had entered an acute crisis and it was due to the creation of a stable currency called Terra USD (UST) and the governance it maintains over it.
The market decline caused Luna to fall in value, causing inflation in the UST pair. Likewise, the Terra Foundation also held bitcoin reserves to maintain the UST ‘s 1:1 parity with US dollars, and with said cryptocurrency falling , chaos gripped the system.
Some argue that millionaire partners began to play against Luna, taking out millions of dollars in money and exacerbating the problem. Beyond this theory, the reality is chronic: from being worth 116 dollars at its maximum peak in April, this Thursday it is trading at one cent.
Social assistance in the midst of chaos
Forums and communities have seen how chaos has taken over the internet. Hundreds of users recounted experiences of how they invested money from mortgages, loans or savings in this project and have seen how they have vanished.
Unfortunately, posts have been reported in Reddit and Twitter threads where investors have claimed to be on the verge of suicide due to the loss of their money. Due to this, the comments and Reddit itself have begun to highlight numbers of social workers and mental health professionals to avoid this type of tragedy.
— ⟠ 𓃓 ∞ ₿ullish ₳lex (@AlexjFerraro) May 11, 2022
Probably lost a lot of new crypto entrants for good with this Terra collapse pic.twitter.com/9K6vUYXrUo
— Chef (@humblealphashil) May 12, 2022
Today In Tabs on TerraUSD’s unstable stablecoin: this was entertaining to watch yesterday until I saw a suicide hotline topping their subreddit https://t.co/njFrbRrCPS
— Waxy.org (@waxy) May 10, 2022
The rest of the market is falling, but with values averaging 10%. It is not the first time that it happens and there are even those who take advantage of this fall to add money, expect their values to grow in a matter of minutes or hours, and withdraw with quick profits.
It is important to remember two keys in the cryptocurrency investment process: read everything about the projects behind the coins we buy and never risk money that we are not willing to lose.