Zhu Su went on to voice his displeasure with the Luna slide in a series of tweets earlier this morning. Zhu Su, the CEO of 3AC, expressed regret and apologized for ignoring Terra’s ecosystem’s many warnings. 3AC is a previous leading EMFX currency and crypto-asset brokerage.
What is the situation with LUNA?
Zhu Su publically mocked Eth and began shilling Luna continuously a few months ago. As a result, many people trusted his judgment and amassed enormous sums of Luna stablecoin.
This week, Luna’s market cap fell from $12 billion to less than $1 billion in a matter of days, hurting many investors and traders. The market cap of the Luna coin fell below that of the $DAI two days ago.
Throughout this, Zhu Su apologized and indicated that he was still cheering for the stablecoin and was willing to assist Terra in any way he could.
Terra’s Destruction Begins
The volatile crash of the Terra USD stable coin has sparked concern in the cryptocurrency market. Terra’s LUNA/USD officially suspended blockchain manufacturing on Thursday, when the network’s native coin hit a low of $0.000033.
The Terra network has officially acknowledged the block breaking off at 7607789. Terra Validators have reached such a decision, while they devise a strategy to reconstruct and then distribute a new token to the remainder of its ecosystem participants.
Terra has already been chastised for projecting a positive image around Luna. Terra was well-known for consistently targeting trends such as stablecoin, L1 chain, DEX, and so on, while also attacking other projects such as ETH.
The continuous woes of TerraUSD or UST, which is intended to be tied equivalently to the US Dollar ($1), have primarily contributed to the latest crypto catastrophe, which has wiped out billions of dollars in the market.
Luna’s structure was profoundly faulty from the start, reflecting qualities of an under-stabilized coin, not to mention the economic difficulties that followed.
Meanwhile, Terra’s Blockchain is not the only victim of the stablecoin’s demise. Bitcoin has gained 8% in the last 24 hours after falling to depths not seen since late 2020 earlier this week.
UST is now trading for 14 cents or less in various regions of the market. Luna’s tight relationship with UST acted as a cause for her demise. Because UST has lost its peg, LUNA is now worth $0.