Terra Luna Price Plummets, Touching Rp 94 per Piece
KOMPAS.COM – The price of Terra Luna has fallen even more after falling almost 90 percent in the past week.
Citing the Coinmarketcap page at the time of writing, Friday (13/5/2022) morning, now the price is only 0.006463 US dollars or around IDR 94.4 per coin, down more than 99 percent in trading crypto exchanges in the last 24 hours.
In the same period, the highest price for Terra Luna was recorded at 0.9675 US dollars or the equivalent of Rp. 14,000. Though in April 2022 Terra Luna peaked at 119 US dollars (Rp 1.7 million) per month coins.
19,000
According to CoinDesk, the reason for the price of Terra Luna is shrinking so fast caused by changes in the dynamics of the cryptocurrency market. Besides that, sluggish price stablecoin Terra USD (UST), which is closely related to Terra Luna also had an impact on the price of the crypto token sinking.
As a result of the price dropping, Terra Luna is no longer displayed in list of top 10 cryptocurrencies by market cap. Terra Luna even bounced to position 81 of the cryptocurrency list most popular.
TRILLION
HOW DOES THE TERRA USD (UST) AFFECT THE PRICE OF TERRA LUNA?
Terra Luna is a token created by Terraform Labs which based in Singapore in 2018 and is part of the project blockchain Terra, which is meant to track US dollar values, or similarly with stablecoin Tether and USDC.
Unlike other crypto assets, Terra does not hold cash and other assets held in reserve to back up the token. Instead, Terra uses a complex mix of code in next to a token called Luna to stabilize the price.
Summarized by KompasTekno from CoinDesk, Friday (13/5/2022), Terra Luna has an important role in keeping stablecoin Terra USD (UST) remain stable.
Stablecoin is a cryptocurrency created to have value the same as a particular asset, such as the currency in which it is issued country (eg US dollar/rupiah) or other commodities such as gold.
Stablecoin was created so that the price of cryptocurrencies can be stable. Because, the number of stablecoins circulating on the blockchain is equal to the amount of money official (issued currency of the country) owned by the company.
