#LUNC✅

The disappearance of approximately US$$ 44 billion in market value of the Terra Luna Classic (LUNC) cryptocurrency occurred due to the collapse of the Terra ecosystem in May 2022. At that time, the algorithmic stablecoin TerraUSD (UST), which was supposed to maintain parity with the US dollar, lost its reference value, triggering a "death spiral" that directly affected the LUNA token, now known as LUNC.

YOUR MONEY

In an attempt to stabilize the UST, Terraform Labs, responsible for the Terra ecosystem, sold large amounts of Bitcoin from its reserves to buy back UST and try to restore its parity with the dollar. However, this measure was not enough, and both UST and LUNA suffered drastic drops in their values. It is estimated that investors collectively lost more than US$$ 40 billion due to this collapse.

COINTELEGRAPH

In response to the collapse, the Terra team proposed and implemented the launch of a new blockchain, known as Terra 2.0, with a new LUNA token. The original blockchain was renamed Terra Classic, and its associated token was renamed LUNC. However, the relaunch faced significant challenges, including a lack of investor confidence and volatility in the prices of the new tokens.

COINTELEGRAPH

Terra Luna Classic (LUNC) is currently trading at US$$ 0.00010728. Although the current value is a fraction of its all-time high, the community remains active, looking for ways to revitalize the project and recover some of the lost value.