LUNC (TERRA LUNA CLASSIC) : The Truth About The Most Violent Dump in Crypto History (PART 2)
Continuation of the previous part (Part 1)
The Fateful Days That Lead to LUNC Imminent Collapse
This is where I will give a simple timeline and information about the event that happens during the pre-collapse and when it happens. The timeline is around May 7- May 13, 2022, and all of the timeline was obtain via the CoinDesk website. If you want the details timeline, please visit the CoinDesk website and find the article that contains the timeline about LUNC collapse.
(Peg: A specific price that a token is aiming to stay at)
(UST: TerraUSD)
7th of May 2022: 2 billion UST was taken of from Anchor Protocol and some of it was liquidated (some people debate that it was a staged attack on Terra blockchain) which cause the UST price to drop to 0.985 US Dollar
8th of May 2022: Luna Foundation Guard take a 750 million US Dollar in loan from the market maker to keep the peg for UST ( on this day, Do Kwon also jokes about UST depegging risk on Twitter (X) platform)
9th of May 2022: UST lost it 1 US Dollar peg and fall to as low as 35 cents ( Do Kwon try to convince investors to stay on the ship by tweeting “ Deploying more capital-steady lads”)
11th of May 2022: LUNC price level fall to around 10-32 US Dollar
12th of May 2022: LUNC Price fall 96% in a single day, reaching a price level less than 10 cent and Terra blockchain was halted for 2 times in a day
13th of May 2022: Some crypto exchange start to end trading activity on Terra token and Do Kwon submit a “Revival Plans”
Based on the other information, around 60 billion US Dollar total lost was recorded during this collapse happen.
Community
There is not much information that I can find regarding the community in X (Twitter) platform around LUNC because of the short time taken between the researching and publishing of this article. But there are a lot of communities around Terra itself on the X platform. If any of you can list any LUNC community member on X, please write it in the response section. There are 2 Youtuber that I found during my search of LUNC on Youtube, and I may safely say there are LUNC community members. That Youtuber is ClayBro and Happy Catty Crypto. If you find this information wrong, please respond to it.
Conclusion
I can’t give a solid conclusion for the LUNC collapse because the journey in recovery for these cryptocurrencies is still in its early process. What I can say is that the LUNC collapse was one of the worst thing that you can expect will happen on the crypto sphere. To any investor that unfortunately lost all of their crypto wallet value because of this collapse, stay strong. Some day, you will recover from all of this. Plan your next move and hold the belief that you can recover, and you will someday rise from the ashes of this big collapse. To any of the reader that want to start investing in crypto, please do you own research on any cryptocurrency that you want to invest in, do not come to the crypto sphere because you believe that you can get easy money. This is a high-risk investment platform. It’s not for the weak of heart and beware that this kind of collapse can happen again.
(End of The Whole Articles)
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