This is one of the most talked about topics in the world of crypto money in 2022. The value of LUNA, which was up to $119, fell to $0.0001 in May 2022. Hence its value is almost zero. While this drained the money of many investors, it also dragged other cryptocurrencies down with it. So what is Luna Coin? Why did it sink?
What is Luna Coin?
LUNA Coin is the governance token of the Terra blockchain. Terra is a decentralized financial infrastructure and blockchain protocol.
The Delegated Proof-of-Stake (DPoS) algorithm is used as the consensus mechanism in the Terra (LUNA) network. It is a more efficient and democratic version of the Proof-of-Stake (PoS) mechanism. This mechanism makes LUNA a governance token.
In this way, coin owners also have a vote and an opinion on decisions regarding the future of the ecosystem. Terra is supported by the Terra Alliance. The Terra Alliance is the non-profit community that oversees the functioning of the protocol. According to CoinMarketCap data, LUNA has dropped from the 7th largest cryptocurrency position to the 35th position in 5 days.
Why did LUNA sink?
We can say that one of the biggest reasons for the downfall of LUNA is the decrease in the value of UST, the stable cryptocurrency of the ecosystem. When the value of UST, which should have been worth 1 USD, fell, we can say that the project managers sacrificed Luna to save UST. If we look at the results, neither UST nor Luna survived after this rescue attempt.
Luna Coin Kimin?
Terra Coin was developed by South Korea-based Terraform Labs. Co-founded by Daniel Shin and Do Kwon, the company began operations in 2018. LUNA, which has been under development since 2018, was officially launched in April 2019. Daniel Shin is currently the CEO of the company.
Which country does LUNA coin belong to?
It is absolutely not correct to mention that cryptocurrencies, even decentralized crypto money projects, belong to any country. However, if we consider that the founders of LUNA are South Koreans, then we can say that LUNA is South Korea.
How much does LUNA supply?
The supply of Terra is limited to 1 billion units. As of the date of writing, 10 August 2023, there are 343 million of them in circulation.
What was the starting price of LUNA?
LUNA sold in its initial sale (ICO) in 2019 for $0.8. The coin, which saw a steady growth after the ICO, went on to become one of the most popular coins in the future. It attracted attention as one of the altcoins that was relatively less affected by price volatility during the process of bitcoin’s gradual decline from the 69k level.
What is the future of LUNA coin?
At the moment it is not possible to say how good will be the future of LUNA. Billions of dollars were lost during the May 2022 crash, and the losses for cryptocurrencies were enormous. We can say that the most important condition for LUNA Coin to have a bright future is that investors trust the project again.
Will LUNA be $100 again?
It would not be correct to say whether the price of LUNA will be $100 or not. Although the project is not making any positive impact at the moment, it would be unnecessary and not correct to say or predict what will happen in the future.
Where to buy Luna Coin?
Some of the cryptocurrency platforms where it can be purchased are: Binance, Coinbase, Get.io, OKEx and KuCoin. These days as the value of LUNA is declining, major cryptocurrency exchanges have temporarily suspended the sale of the coin.
How to get Luna Coins?
To buy Luna:
- First of all, you need to register on the stock exchanges, examples of which we have given above. After the registration process, complete the identity verification steps where your detailed personal information will be saved. In some cases, it takes a few days for the authenticated transaction to be approved by the exchange.
- Transfer TL balance to cryptocurrency exchange account by credit/debit card or money order.
- Then, with the TL balance you transferred, buy the pair in the trading pair you want to buy with LUNA (stable coins like USDT, BUSD or major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Terra Coin are. most exchanges. form)
- Finally, search for Terra Coin cryptocurrency on the spot market, click on your preferred trading pair. Type in the quantity of LUNA you wish to buy on the screen that opens. When you press the “Buy” button, your order is entered into the book. Later, when a seller finds you at the price you want, your Terra Coin will be received in exchange.
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