Ever since Terra Luna’s founder, Do Kown, unveiled a new “Terra Ecosystem Revival Plan 2” that’s supposed to bring back the glory days of Terra Luna, the asset, however, has been a free fall ever since.
After a relatively small gain of about 77% immediately after launch, it seems investors are now losing faith in the new revival plans as it continues a free fall after that.
DApps Launch On Terra Not Helping
The new Terra 2.0 launch has already received widespread support from centralized exchanges and service providers, including Huobi, Binance, KuCoin, Bitrue, FTX, Bitfinex, GateIO, ByBit, Nexo, etc.
Despite top Exchanges and DApps launching on the New Terra (LUNA) chain, the price continues to go downwards.
We have recorded over 5 DApps that have already launched on Terra 2.0, including Apollo DAO, a yield aggregator, and Terraswap, open-source software and fully decentralized protocol. It provides automated liquidity to users and DeFi applications on Terra.
Others include Phoenix DEX, Stader LAB, Astroport, STEAK, etc.
In the last 24 hours, Luna Price has fallen to over 22%, currently trading at $3.37, dipping below $1 billion market capitalization with a current valuation of $912 million.
Investors Rekt in the “Failed” Experiment
Luna Price has fallen from its All-Time high of $19.5 to around $3.3 currently, signifying over 5x loss for early adopters who had faith in the new Terra 2.0 revival plans.
Its UST Stablecoin is not spared either, as it’s still setting new All-time lows since the revival plan launch. Currently, the Un-StableCoin trades at around $0.012, signifying over 18% loss in the last 24 hours.
It has a market cap of $125.887 Million with a circulating supply of 10.254 Billion. Notably, Do Kwon, the founder of Terra (LUNA), still has his Twitter account on private and has since gone mute.
General Market Still Uncertain
The general Cryptocurrency market has been a hell of a ride lately, with the Flagship Cryptocurrency, Bitcoin, going up and down while still maintaining the $31k to $29k range.
This has always caught many traders continuously. According to Coinglass, in the past 24 hours, over $285.63 Million has been liquidated from the market as investors and traders head straight into the short-lived price spike. $6.4 Million of that cut is under the Luna Symbol.
It’s clear we are deep into The Crypto Winter season.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
Follow us on Twitter @themerklehash to stay updated with the latest Metaverse news!