After the misfortunes of Terra’s TerraUSD (UST) stablecoin which decoupled from the US dollar, the price of LUNA, which is Terra’s native token, has dropped from over $80 to around $0.023. The fiasco surrounding the UST has sent shockwaves across the cryptocurrency market and specifically algorithmic stablecoins. Following UST’s withdrawal, Terraform Labs co-founder Do Kwon announced a “turnaround plan” in a series of tweets, saying the company would seek additional external funding and “rebuild” TerraUSD to be secured. Tonight, the Terra blockchain was officially stopped at a block height of 7603700 to prevent governance attacks after severe LUNA token inflation and a significantly reduced attack cost. To help investors and traders looking to take advantage of the current downfall of Terra (LUNA) by buying it at its current low price, Invezz has created a short article to help identify the best places to buy it. To find out more, please continue reading.
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Best places to buy Earth (LUNA)
eToro
eToro supports cryptocurrency trading in over 180 countries worldwide in addition to 48 US states. The platform offers some of the lowest exchange rates and commissions in the industry. Buy LUNA with eToro now Disclaimer
bitpanda
BitPanda is a Bitcoin broker based in Austria. It offers a wide range of payment methods and is reasonably priced. Buy LUNA with Bitpanda now
What is MOON?
LUNA is the native cryptocurrency of the Terra blockchain. The Terra blockchain uses fiat-pegged stablecoins to power a stable global payment system. In a nutshell, Terra leverages the stability of Fiat currencies and the decentralized nature of Bitcoin (BTC) to offer fast and affordable deals using stablecoins. In addition to its recently launched native stablecoin TerraUSD (UST), a number of other stablecoins pegged to the US dollar, the South Korean won, the Mongolian tugrik and the International Monetary Fund’s basket of special drawing rights currencies have been developed and deployed. using the Terra blockchain In addition to LUNA being used as a stabilizer for the various stablecoins developed via Terra, LUNA holders can also vote on Terra’s governance proposals.
Should I buy the LUNA coin today?
If you are looking for a cryptocurrency that has taken a deep dive in the last few days, LUNA might be a good choice. While the coin offers a great opportunity if it recovers, it is still unclear how far the LUNA price will go. The coin has dropped nearly 100% every day for the past four days.
LUNA price forecast
There are fears that the price of LUNA could drop below $0.01 before attempting a comeback, which would require a lot of work from the team behind the project as they update the proposed “recovery plan”.
Terra social media coverage
The Terra blockchain has summarized block production. Delegations are disabled now that the chain is live with the new code merge. Validators, please check the Discord announcements for the latest patch notes. https://t.co/CGQgfMDWQe — Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022
1/ The prevailing peg pressure on $UST from its current supply overhang is rendering severe dilution of $MOUNT. The primary obstacle is expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads. — Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022
