$ 19,052.17
$ 1,328.67
$ 0.999478
$ 0.456485
$ 0.487762
$ 1.00
$ 0.000233

The Supply of Luna Tokens Rises by Roughly 24 Billion

Atis. Sh
The Circulating Supply of Luna Has Risen By Billions

The event of the breakdown of the TerraUSD (UST) peg seems to have a significant impact on Luna. In this case, Luna is affected because it is the native token of the Terra blockchain.

According to the data, Luna’s supply has reached 25 billion, while it is facing an exponential level of minting.

Looking at the supply of Luna, for the last weeks, its supply was around 325 million Luna. Meanwhile, on Wednesday it reached up to 1.5 billion. As of today, the number rose to 25.3 billion. These statistics show a high increase from the previous day and it is still continuing to rise.

Furthermore, it seems like there is a factor affecting the two tokens. In a thorough analysis, we can see that a behavioral cycle is a key influencer in UST losing its peg. Also, this behavioral cycle is pushing forward a massive amount of selling. In order to help the stablecoin keep its peg to the US dollar, traders are exchanging UST for Luna. This situation is resulting in chaos because of the high level of Luna minting, while its price is decreasing.

Luna’s Price Drop

It is worth mentioning that the token prices are falling as Luna’s supply continues to grow at an alarming rate. Luna’s current market value is just $0.005 compared to $80 six days ago. This makes it a drastic decrease.

Moreover, a lot of Luna holders are affected by this price downturn. Additionally, YouTuber KSI noted that his $3 million worth of Luna is now worth only $100.

Given all the above points, the holders are facing difficulties to sell tokens because they were being staked. However, they will be able to get back to selling in the next three weeks. Yesterday, Luna’s blockchain has officially halted working; this may be the end of the Luna project.

Also read:

Related News

Cardano currently has more than 3,000 stake pooling and decentralization features

ETH PoS Approach Lags Compared to Cardano’s Says Charles Hoskinson

In an interview, Charles Hoskinson, the founder of Cardano stated that Cardano had a superior proof-of-stake (PoS) strategy over Ethereum, in light of the change in consensus mechanism from PoW to PoS.  Charles Hoskinson discussed the launch of Cardano, the upgrade to Vasil’s hard fork, the launch of Dapps, the LACE light wallet, decentralization, CBDC (Central Bank Digital Currency), as well as the metaverse. The IOG/Cardano Foundation team effectively initiated

Read More »
Immediately following the announcement, Bitcoin's (BTC) price wavered for a while before dropping along with American stocks.

75 Basis Point Rate Hike by the Fed Sends Cryptocurrencies on a Downward Spiral

The much-awaited Fed rate hike has finally been announced, and as predicted, it delivered a significant hit to the larger cryptocurrency market on September 21. 75 bps were added to the Fed’s policy rate, bringing it to a level of 3 – 3.25%. The ensuing rises constitute the central bank’s swiftest change in policy since the 1980s, and this statistic shows a significant rise from March of 2022 when the

Read More »
In a separate move, an impartial third party was already established to investigate the finances of Celsius.

Wrapped Assets to be Issued by Celsius to Compensate Users

According to a newly released voice memo, Celsius Network execs are considering repaying clients by issuing freshly wrapped assets to exchange on other networks. The co-founder and CEO of Celsius, Nuke Goldstein, seems to go into greater detail about the company’s plan to reimburse Earn consumers in the tape that Tiffany Fong published. The earlier leaked meeting audio is attributed to Celsius’s client and public person Fong. The Block claims

Read More »

My Coins

$ 19,052.170.24%
$ 1,328.670.16%
$ 0.9994780.09%
usd-coinUSD Coin
$ 1.000.02%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy


Contact Us

For any question conatct us through:

[email protected]

Disclaimer: All information and materials on this website are for educational purposes only. does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: [email protected]