“Luna”: The Token Behind The Largest Crypto Crash Ever?

Photo by Maxim Hopman on Unsplash

The Plummeting Markets.

Crypto-currency markets have been shook after an cryptocurrency token, Luna lost more than 99.9% of its value, Terra Luna fell from its value of $118 last month to just about $0.0003007 today (15th May).

A sister algorithmic “stable-coin”, Terra USD was just about knocked off the market in impact as it went from its usual “stable” value of $1 to just about $0.1!

While crypto bulls are trying to stabilize the prices that were disrupted from the impact, spooked investors are now even pulling money out of major crypto-currencies, sending markets even more downhill.

As such, the impact was even visible on the most popular cryptocurrency token, Bitcoin, which dipped from a valuation of about $41,000 last month to just about $27,000 as of today.

Ethereum was down 30% during the timeframe.

The Impact On Investors.

Photo by Joshua Mayo on Unsplash

In the whole situation, A British celebrity, K.S.I. reportedly lost millions of dollars as his Luna token portfolio plummeted from $2.4 Million to just a relatively meagre sum of $1,000.

K.S.I.’s a millionaire who can probably face the impact of such a loss, but some general investors, who had about their whole life savings invested in Luna had no option but to go bankrupt and probably even leave their homes behind.

Some recent posts to the official Luna subreddit (r/terraluna) suggest that such investors are considering ending their lives as a consequence of the major losses they had to face.

Below are some images of the top post submissions to the subreddit at the time of writing this article:

It is disheartening to observe the impact of this whole scenario playing out against actual human lives, and as such we hope for betterment in the situation of all those people who have been affected.

If you are someone that ended up facing the impact of this crash in any manner, we request you to keep holding strength, life finds a way; nothing is troublesome enough to deter sustainability and peace.

You can support the author of this article by buying him a coffee!

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store