• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • bitcoinBitcoin(BTC)$20,124.00-0.82%
    BITCOIN
    24H : -0.82%
    Volume : $20,638,629,146.00
    Marketcap : $383,950,371,159.00
  • ethereumEthereum(ETH)$1,100.42-3.75%
    ETHEREUM
    24H : -3.75%
    Volume : $14,645,663,805.00
    Marketcap : $133,420,811,207.00
  • binancecoinBNB(BNB)$219.55-3.32%
    BNB
    24H : -3.32%
    Volume : $1,133,761,174.00
    Marketcap : $35,819,403,245.00
  • rippleXRP(XRP)$0.329-2.61%
    XRP
    24H : -2.61%
    Volume : $1,080,944,647.00
    Marketcap : $15,941,991,591.00
  • cardanoCardano(ADA)$0.467-0.75%
    CARDANO
    24H : -0.75%
    Volume : $721,568,445.00
    Marketcap : $15,769,738,440.00
  • solanaSolana(SOL)$33.97-3.91%
    SOLANA
    24H : -3.91%
    Volume : $1,315,110,506.00
    Marketcap : $11,652,283,142.00
  • dogecoinDogecoin(DOGE)$0.0694.90%
    DOGECOIN
    24H : 4.90%
    Volume : $525,802,239.00
    Marketcap : $9,237,633,194.00
  • polkadotPolkadot(DOT)$7.00-4.25%
    POLKADOT
    24H : -4.25%
    Volume : $506,023,291.00
    Marketcap : $7,911,291,460.00
  • shiba-inuShiba Inu(SHIB)$0.000010001.88%
    SHIBA INU
    24H : 1.88%
    Volume : $613,752,345.00
    Marketcap : $6,013,071,965.00
  • avalanche-2Avalanche(AVAX)$17.68-3.00%
    AVALANCHE
    24H : -3.00%
    Volume : $468,633,660.00
    Marketcap : $5,008,922,851.00
  • terra-lunaTerra(LUNA)$0.000071-5.71%
    TERRA
    24H : -5.71%
    Volume : $134,734,814.00
    Marketcap : $768,841,921.00
TodayinCrypto.com

TodayinCrypto.com

  • Home
  • Latest News
  • YOUTUBE RECAPS
  • CONTACT US

Why Terra LUNA and UST surged over 100% within 24 hours


May 22, 2022 · By MATheGooner
Terra (LUNA)

The multibillion-dollar network Terra’s demise has sparked a wave of dread, anxiety, and doubt across the crypto market.

Last week, the price of LUNA plummeted below that of a penny stock, and its sister token, the UST stablecoin, which is also linked to the blockchain, also crashed. In April, LUNA reached an all-time high of $119 before losing nearly all of its value in the following weeks.

Over $50 billion in crypto value was lost in the LUNA and UST crashes, a phenomenon that startled the crypto space and grabbed the attention of outsiders, including regulators, who are now working to tighten restrictions around the market. 

After days of displaying little to no effort in its performance following the price drop, LUNA is now experiencing tremendous price volatility. LUNA reached a high of $0.0002, indicating a 110 percent increase in value in just 24 hours, though prices have subsequently retraced. 

However, Terraform Labs founder Do Kwon’s proposed plan to revitalize the crippled blockchain is considered to have revived some optimism around both coins, resulting in today’s price increase. 

Kwon detailed his proposal for Terra’s rebirth in a Terra research forum. The blockchain will be forked to form a new chain, however the UST stablecoin will not be included in the new chain. Kwon’s plan also calls for the creation of 1 billion new LUNA coins, which will be handed to developers as well as Luna and UST holders before and after the crash.

Terra Classic and Luna Classic will be the names of the old blockchain and native network cryptocurrency, while Terra and Luna will be the names of the new chain and cryptocurrency. 

Although the voting session is still open, the proposal has already exceeded the adoption threshold, and the fork is scheduled for May 27. Many investors have resumed buying and holding LUNA and UST in order to be included in the snapshot that will be taken in less than a week, however the proposal’s execution does not guarantee that investors would recuperate all crash-related losses.

Primary Sidebar

LATEST NEWS

Michael Saylor’s MicroStrategy acquires $10 million worth of Bitcoin despite the grim market outlook

June 29, 2022

Cardano has updated its proposal to hard fork the network testnet in anticipation for the Vasil’s mainnet upgrade

June 28, 2022

SEC Chair Gary Gensler says Bitcoin is the only cryptocurrency he recognizes as a commodity

June 27, 2022

Anonymous hacker group threatens to expose Terra LUNA founder Do Kwon’s crimes

June 27, 2022

Ethereum whales have intensified their accumulation of MATIC in the past week

June 26, 2022

  • Facebook
  • Instagram
  • Twitter

Newsletter

Footer

ABOUT US

TodayinCrypto is a financial media brand that strives to deliver breaking, accurate and daily news about digital assets to millions of investors in the crypto industry.

We are passionate about Bitcoin and are keen to share news about the people, companies and technological developments that are changing our world.

TODAY IN CRYPTO

  • Polygon launches new custom blockchain scaling system ‘Avail’ June 29, 2022
  • Michael Saylor’s MicroStrategy acquires $10 million worth of Bitcoin despite the grim market outlook June 29, 2022
  • Cardano has updated its proposal to hard fork the network testnet in anticipation for the Vasil’s mainnet upgrade June 28, 2022

Search

Tags

Aave (AAVE) Aleph.im (ALEPH) Arweave (AR) Avalanche (AVAX) Benchmark Protocol (MARK) Binance Coin (BNB) Bitcoin (BTC) Bondly (BONDLY) Bridge Mutual (BMI) Cardano (ADA) Celsius Network (CEL) Chainlink (LINK) Cosmos (ATOM) COTI (COTI) Decentraland (MANA) DeFi Dogecoin (DOGE) Elrond (EGLD) Enjin Coin (ENJ) Ethereum (ETH) Ethernity Chain (ERN) Fantom (FTM) Kusama (KSM) Litecoin (LTC) NFT OriginTrail (TRAC) PAID Network (PAID) PancakeSwap (CAKE) Polkadot (DOT) Polkastarter (POLS) Polygon (MATIC) SnowSwap Solana (SOL) SuperFarm (SUPER) Sushi (SUSHI) Terra (LUNA) The Graph (GRT) Theta Network (THETA) Tixl (TXL) Trustswap (SWAP) Uniswap (UNI) VeChain (VET) XRP (XRP) yearn.finance (YFI) Yield Optimization Platform & Protocol (YOP)

Copyright © 2022 · Today in Crypto · Terms & Privacy · Log in