After a complete wealth wipeout in Terra blockchain’s local symbolic LUNA, Indian trades delisted the overwhelmed token from their platforms. LUNA has failed to just a couple of decimal cents from its peak of $118, clearing out 100% wealth of the investors. Generally, the token has wiped out $40 billion off of their pockets. It depended on factors like the commitment of the group to the project, level and quality of development activity, exchanging volume and liquidity, stability, and safety of the organization from attacks among others.
For the uninitiated, Luna’s downfall started when its sister token UST, which is also a stablecoin, was ‘depegged’ from its $1 value as big investors started dumping it. Over the last few weeks, the crypto market has been in a free fall. Bitcoin’s price is currently Rs 23.81 lakh. The world’s biggest cryptocurrency has dropped 13 percent so far in May and has lost more than half its value since it hit an all-time high of $69,000 in November last year.
“The last few days have been tough for all of us. The meltdown of the #Terra ecosystem and LUNA have been rapid and devastating. After careful deliberation, we have decided to delist #LUNA from @CoinSwitchKuber,” tweeted Ashish Singhal, founder of Coinswitch Kuber.
Check the latest news about business news section for best information.