Terra network crypto, Luna coin is increasingly being pushed out of the top ranks of crypto. As of today, based on data from Coinmarketcap, Luna coin has fallen by 99.98 percent in the last 24 hours. Luna is currently trading at USD 0.00003628.
This decline in course provides a big loss for holders or investors who have held Luna Coin in the hope of rising in the future.
The dramatic crash meant its market cap fell from just over USD 40 billion to just USD 500 million, resulting in unprecedented losses for investors in the leading digital currency.
Some investors tell stories of their losses on Reddit, specifically on the TerraLuna sub-reddit forum.
“I lost all my life savings. I’ve bought Luna coin for USD 85.00, not sure what to do,” wrote one investor on the sub-reddit
Another investor wrote they had lost $15,000 after failing to sell their holdings for a big profit when trading above $100 last month.
“I should have cashed out when it was $100, then I would have made a profit of $25,000. But I became greedy in hopes of earning more money so that I could at least make a down payment on a house for my family. I guess there was no home and no savings at the time,” wrote Reddit user No-Forever.
The moderator of the forum, which has more than 44,000 members, pinned a post with a helpline number to the top of the page after users voiced concerns about the consequences of the crash.
“I lost more than USD 450,000, I can’t pay the bank. I will soon lose my house. I will be homeless,” wrote one forum user.
Leading crypto exchange Binance has temporarily suspended withdrawals on the Terra network (LUNA) at one point, meaning those looking to sell cannot do so. Even now Binance has been delisted against Luna and UST/USDT.
Terra’s crash comes amid a downturn for the broader crypto market, which has seen Bitcoin fall more than 50 percent since its all-time high near USD 69,000 in November 2021, but LUNA’s demise has been compounded by problems with stablecoin Terra USD (UST).