LUNA Gets Delisted from Major Crypto Exchanges
Indian crypto exchanges such as WazirX and CoinDCX have begun delisting troubled currency Terra after a nearly 100 percent slump in a little under seven days (Luna).
Luna, which had been selling for almost $80 until last Saturday, was trading at $0.00002446 on Friday afternoon, a decrease of over 100%. The token’s market valuation dropped from over $30 billion to around $6 million during this time.
However, it is still supported by some exchanges, such as Giotuss. Things can change around if Terra blockchain resumes, the UST re-peg is successful, and LUNA can find a way to become relevant in the ecosystem once more, according to its CEO Vikram Subburaj.
“However, the chances of all of the aforementioned happening are slim.” The Terra blockchain fell on Thursday. Luna’s collapse began when its stable coin twin, UST, was ‘de-pegged’ from its $1 value over the weekend when significant investors began selling UST worth millions of dollars.
Other Exchanges on LUNA:
Binance hasn’t said it’s LUNA/USDT and LUNA/BTC spot trading pairs would be delisted. They also provide several fiat currency pairs, such as BUSD and BNB.
The majority of traders are concerned since Binance is the largest crypto exchange by trading volume. Coinbase, which has more registered users and a wider footprint in the United States, never pushed LUNA.
Will Luna’s condition improve?
In an attempt to fix the situation, Proposals 1164 and 1188 to burn $UST were announced on the official TerraUSD (UST) Twitter account. ‘To avoid governance attacks as a result of excessive $LUNA inflation,’ the Terra blockchain was shut down on May 13.
A few hours later it was again restarted and is now suggesting users use the Wormhole Bridge to “bridge off-chain assets”.
LUNA still has a strong following and investment community that is hopeful about the Terra project, as well as a larger leadership team than Do Kwon, who has fallen out of favor with the crypto community. Will LUNA be worth $22 (March 2021) or even $3.90 (May 2021) ever? There are two significant levels on the LUNA price chart. The first is a 3.4 million-fold rise in LUNA price from its present low of 0.00000112.