It took only 7 days for the Terra (LUNA) ecosystem to spiral down as the price plummeted from $85 on May 5 to nearly $0 on May 12. LUNA’s volume recovered sharply as the market slowly cleared up what had happened. Over 200% over the weekend.
As a result of the UST de-pegging that disrupted the LUNA market, LUNA investors reflected the price drop in CoinGecko. record On May 13, volume fell to $178.6 million, the last seen figure for February 2021.
Terraform Labs’ co-founder and CEO, Do Kwon, sought to control the damage on the same day, proposing a revival plan for Terra’s comeback.
Despite the risks involved, Terra’s ‘crazy volatility’ still makes it an attractive market for many short-term investors. Mainly due to the fact that LUNA temporarily gained 600% of its value on May 14th.
(You need a few more 100x to get back to $1)
— Luke Martin (@VentureCoinist) May 14, 2022
LUNA’s trading volume again surged more than 200% to $6 billion as investors seek to recoup their losses and others attempt to monetize Terra’s comeback. Prior to the crash, the LUNA ecosystem has consistently averaged over $2 billion in trading volume over the past two years.
However, when LUNA prices plummeted between the morning of May 10 and May 13, trading volume surged as investors tried to cut losses ranging from $5 billion to $16 billion. On May 11, LUNA’s trading volume reached an all-time high of $16.15 billion.
Due to various factors mentioned above, LUNA has regained volume and traded at $0.00025 at the time of writing. According to data On CoinMarketCap, cryptocurrency exchange Binance accounts for 68.26% of LUNA volume, KuCoin 9.52%, and FTX 1.13%.
Relevant: Crypto.com Unblocks Users and Reverses Wrong LUNA Transactions That Earn 30-40x Profits
Crypto.com users on Friday raised concerns about the cancellation of LUNA transactions on the exchange’s mobile application.
Kris Marszalek, CEO of Crypto.com, later revealed that an internal error caused the system to display the wrong price, resulting in thousands of investors profiting 30 to 40 times.
Many customers were buying at the wrong price, and of course some got the opportunity to make the most of the glitch.
We canceled all transactions.
Some customers are saving tons of $ and thanking us, some are hitting us without abusing the glitches.
— Chris | Crypto.com (@kris) May 13, 2022
As a result, Crypto.com temporarily blocked all users’ transactions. After a day of reviewing for possible system glitches, Marszalek announced that “All user accounts have been reactivated”.
As Cointelegraph reported, the company has offered $10 worth of its in-house token Cronos (CRO) as a boon for affected investors.