Does the rise and fall of the cryptocurrency market really scare people?
The fluctuations in the cryptocurrency market can be terrifying; those with weak hearts should definitely avoid it, and those who are not mentally mature should not engage. Luna is a classic case.
A terrifying cliff-like collapse has stirred up a storm in the virtual currency market. From May 9 to May 11, 2022, LUNA, which once had the wealth halo of 'the Moutai of the cryptocurrency world', saw its price nearly drop to zero, plummeting over 99%, and indirectly causing the collapse of the entire virtual currency market. In the face of the drastic drop in prices, LUNA's founder Do Kwon stated on social media that he did not sell any LUNA during the collapse, and he apologized to the victims of this incident. The team is currently sorting out the reserves and usage situation and has proposed a new plan in the community aimed at rebuilding, trying to protect the community and developers, and finding a way to rebuild LUNA. Following this news, LUNA surged rapidly, skyrocketing over 11,562%. As of 11:00 AM Beijing time on May 14, 2022, the price was $0.0001.
On April 14, 2025, a coin called OM experienced a Luna 2.0-style death and drop to zero. In just one day, it fell by 94%. OM surged approximately 900 times within a year in 2024, becoming a hot altcoin. A year's increase was nearly wiped out in one night; just ask if it’s thrilling and scary.
