LUNA Circulating Supply Is Now Over 6.5 Trillion! Is There Any Hope For LUNA Recovery?

LUNA Circulating Supply Is Now Over 6.5 Trillion!

By the time the Terra blockchain was suspended for the second time in an attempt to save the failing ecosystem, the circulating supply of LUNA had risen to more than 6.5 trillion.

According to Terra Analytics, the supply of LUNA was only about 340,000 for the previous two weeks – up until only three days ago. That was until UST lost its dollar peg on Monday, putting LUNA, a similar token that was designed to prop up UST’s value, into a downhill slide.

LUNA sales were supposed to help UST maintain parity with the US dollar, according to the algorithmic stablecoin’s design. The mechanism put a lot of downward pressure on LUNA once UST lost its peg and investors rushed to cash out en masse. Worse, the more LUNA’s price dropped, the more downward pressure there was. This kicked off a vicious cycle in which LUNA’s price plummeted and supply grew at an exponential rate.

The network released 40 million LUNA tokens on Tuesday. Its circulating supply began to rise on Wednesday, reaching 1.5 billion tokens. Despite the chain being paused for a short time on Thursday, this reached a new high of 176 billion tokens. It has now reached 6.5 trillion and is still increasing if the chain had not been halted for the second time.

Developers working on Terra eventually called it a day and chose to freeze the blockchain early Friday morning until they figure out a method to resurrect the project after the supply increased roughly 17,000 times in only three days.

The Terra blockchain has officially halted at block 7607789. Terra Validators have halted the network to come up with a plan to reconstitute it. More updates to come,” said Terraform Labs on Twitter.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News

resurrect the project after the supply increased roughly 17,000 times in only three days. resurrect the project

Victor

Recent Posts

Bitcoin Spot ETF Inflows Reach $449M With BlackRock Leading

Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…

3 minutes ago

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

1 hour ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

2 hours ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

2 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

3 hours ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

4 hours ago

This website uses cookies.