LUNC went through a death spiral from $119 to $0.0002 and relaunched as LUNA 2.0. Terra Luna was a decentralised blockchain protocol for algorithmic stablecoins. The purpose of Terra was to function as a financial Ecosystem. Although Terra had many different ways of using it, the coin was most commonly used for enabling payments in stablecoins. Stablecoins are cryptocurrencies that are linked to a fiat currency such as the Dollar or Euro. In contrast to other cryptocurrencies, these coins hardly change in value. The Terra protocol made it possible for these stablecoins to follow the price of the corresponding fiat currency. This enabled users of Terra stablecoins to spend, save and trade them directly. Compared to current bank transactions, Terra offered lower transaction fees and completed transactions in seconds.
The Terra company had been founded in 2018 by Daniel Shin and the now infamous Do Kwon. In 2019, Terra Luna's mainnet was launched. Terra Luna slowly began until 2021, when the Terra ecosystem began to run.
The death spiral caused the value of LUNC to fall by 99.99999%. A historic moment in crypto history. Nevertheless, the creators of LUNC have made a relaunch with LUNA 2.0
Despite the death spiral, LUNC's volume is still trending. Precisely because of its extremely low entry point, LUNC has become a trending topic among extreme speculators. The coin is often high on the day trader list.
Luna Classic (Terra) statistics from the last 24 hours
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Until May 2022, Terra Luna was doing pretty well. Multiple variants of Terra-stablecoins entered the market and soon the coin made its way up the lists. At one point, Terra Luna Classic was a top 5 coin in terms of market cap. At its peak, Terra Luna Classic was worth $119 dollars.
Between 7 and 8 May, Terra Luna went into a death spiral. A terrible moment in crypto history. The LUNA-UST stablecoin system was disbalanced while enormous numbers were swapped. The stablecoin peg lost its dollar value, even more LUNA was 'minted', even more UST was burned etc. This cycle got bigger and bigger until the value of Terra Luna Classic dropped all the way down.