Hello traders!

A week ago LUNA was having fun at 88$ and now within a week, it’s now at 0.7xx. It’s a 99.1% decline in a week and doesn’t know whether it will stop here or it will drop more.

It’s about a 99.1% drop in a week. This situation also forced BTC to drop more I hope it will not start a chain reaction.

Terraform Labs( TFL ) is the organization controlling Luna and the Stable Coin ‘UST’.

UST is an algorithmic stablecoin, which differs from other stablecoins because it has no reserves. Instead, it holds value based on an algorithm that is coded to strike a balance between the stablecoin and a partner coin. In UST’s case, that partner coin is its sister cryptocurrency, Luna.

Recently Huge Selling started in UST and it dropped to 0.8$ and Luna is supposed to stable the coin at 1$.

There is a story roaming that Luna members started a conversation with a group that had 150,000 members and he was challenging that Luna coin will go below 88$, conversation started when it was above 100$ and Luna’s member didn’t agree and it turned into a war.

They started a bet of 10 million$. That’s a big bet but by looking at the investment and trust of the world towards TFL they were not supposed to show childish behavior. That guy started a campaign to sell ‘UST’ and amazingly he was successful.

The ‘UST’ price dropped to 0.38$ and that’s a big drop and it’s an extremely stressful situation for a company that has very few reserves.

Luna was failed to increase the reserves and to stable the ‘UST’ and because of instability Deposit/withdrawal/transfer was stopped in Terra’s coin and we saw huge drop in Luna.

Well, he was successful in crashing the Luna. I am sure he should have bought some Luna around 30/ 40 dip because who thought it will go below 1$. Lol, i am just guessing.

Whole cryptocurrency is based on this psychology where a single campaign can crash a multi-billion dollar company in a week also it affected the whole crypto world. A single tweet can start a chain reaction and a coin can fly instantly.

The conclusion is that After a Single tweet if a coin can fly and later can give a colossal drop, Luna can also recover after this death drop.

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