Things are not going good for cryptocurrency at this time. The total market has declined by a large amount within a few days.
The same is the case for one of the most famous stable coins in Asia specific region, things are going more worst.
The Luna is facing an existential crisis, coin's value has collapsed by 99% within less than one week.
Along with the Luna coin, the full crypto market has reduced by 41% and reached up to $1.3 Trillion.
The coin community has the clear vision to expand the popularity as well as market cap of stable coins.
The Luna is a token that has been made on Terra and is a blockchain designed to feature stable coins.
It has become the coin with eighth highest market cap value of $ 28 Billion by May 2022 in the world.
However, there was a series of large withdrawals on May 9, Terra USD lost its peg to the dollar after the failure of its mechanism.
Terra's market cap worth dropped to $230 Million after May 9 but now we are curious to know its future.