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The collapse of the LUNA cryptocurrency has affected several people around the world, including a YouTuber who just invested millions in the digital currency. On his Twitter account
The collapse of the LUNA cryptocurrency has affected several people around the world, including a YouTuber who just invested millions in the digital currency. On his Twitter account Olajide Olayinka Williams Olatunji – or simply KSICrypto – it turned out that his $2.95 million investment turned into just over $1,000 overnight..
The sudden drop in the value of the cryptocurrency was caused by ripple effect that occurs when a large amount of investment is withdrawn in a short period of time. At the same time, he went from the market valuation $40 billion in April of this year for US$1.6 billion 16th of May.
For comparison, one coin that was worth $100 on the first of the month is currently worth about $0.00023.. LUNA’s 99% loss in value has inspired several stories like the KSICrypto stories that prove one of the downsides that the volatility of the cryptocurrency world can bring.
While the loss shouldn’t greatly affect the life of the YouTuber, who has partnerships with big names like content producer Longan Paul, The fall of LUNA left many investors without moving forward. In an account reproduced by TweakTown, the person who bid on the cryptocurrency stated that he regretted not having sold it sooner. “I became greedy, hoping to get more money to at least pay for a house for my family. I don’t think I have more savings for this, so“, he decided.
Named one of the culprits in the collapse of the virtual currency. Do Kwon — founder of Terraform Labs — said he had a plan for his recovery. on twitter, he proposed splitting the Terra blockchain into a new chain without the participation of algorithm-backed stablecoins. and which will be fully supported and managed by the community.
Do Kwon’s proposal would do away with the current version of the blockchain (which would become known as Terra Classic), which seems unlikely to be restored. Market analysts say that the only way for Luna to recover is to destroy the UST stablecoin.hindering the further functioning of the algorithm, due to its ongoing devaluation.
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Source: TweakTown, Bitcoin Portal.
Source: Mundo Conectado
I’m Maurice Knox, a professional news writer with a focus on science. I work for Div Bracket. My articles cover everything from the latest scientific breakthroughs to advances in technology and medicine. I have a passion for understanding the world around us and helping people stay informed about important developments in science and beyond.
