Terra (LUNA) Cryptocurrency Collapses 98% Overnight!

The Terra (LUNA) price has fallen 99% within a day. It was one of the top 10 cryptocurrencies, but now its rank has fallen to 121. The market cap has also dropped by more than 76%. The price fall washed away the hard-earned money of the investors.  

Twitter is overflowing with the news. Many promoters speculate Terraform Labs is consulting with several investors to bring the currency back on track. Everybody knows that crypto is a riskier asset, and investors can clearly see their investment at risk today.

The market is very volatile due to recent conflicts, supply chain issues, and inflation issues, but sometimes it remains volatile even for no reason.

It is a decentralized blockchain-based cryptocurrency, so there is no regulation of any central authority if anything goes wrong. 

Many analysts suggest investing in crypto does not make any sense in this volatile market because many governments are also trying to clean up virtual currencies from mining and trading.LUNA PRICE CHART

At the time of writing, LUNA was trading around $0.24 and is falling continuously with a reasonable volume. Terra has washed away from this seven-day high of $87.80.

However, the good news is that many investors worldwide predict that Luna will regain its losses and hit another high at the end of this year. Check out our LUNA coin price prediction to know if the prices will revive or not!

However, it is just like a falling knife, and you should not invest because LUNA is hard to revive, and if it revives, it will be hard for Terra to sustain the price for the long term.

Thus, traders and investors should research the fundamentals and technicalities before investing in cryptocurrencies and only invest the money they can afford to lose.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

Related Articles

Back to top button