#MEMEAct

$LUNA DOESN'T KNOW IF YOU STILL REMEMBER. The Collapse. Will ETH follow this year?

1. Before the collapse:

• April 2022: LUNA reached a peak of nearly $119 USD.

• Market capitalization: Over 40 billion USD.

• Stablecoin UST (part of the Terra ecosystem) was “pegged” 1:1 to USD.

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2. The collapse event:

• May 7-9, 2022: Stablecoin UST lost its peg, dropping to $0.9 and then lower.

• To save UST, Luna Foundation Guard pumped more LUNA into the market to buy back UST.

• Due to excessive dilution of the supply, the price of LUNA plummeted uncontrollably.