JAKARTA – The fall in the price of Terra (LUNA) and the algorithmic stablecoin UST has become a topic of discussion among the crypto community. Binance founder Changpeng Zhao also commented on LUNA's condition.
CZ hopes that LUNA developers can be more transparent after the collapse of UST and LUNA last week. For information, in a matter of days LUNA completely collapsed and had fallen to 0.01 rupiah on May 13, 2022.
However, LUNA is now trading at a price of Rp. 2.48. Crypto LUNA is down 100 percent from its all-time high of IDR 1,709,604 on April 5, 2022, data from Coiningecko reports.
The Terra UST algorithmic stablecoin briefly fell to a price of 0.225 US dollars per coin. Meanwhile Terra LUNA coins in circulation swelled within days to more than 6.5 trillion LUNA.
LUNA's massive increase in a short period of time caused its price to plummet. This condition prompted a number of leading crypto exchanges to delist LUNA. However, recently some crypto exchanges have reopened LUNA trading, including Binance.
Changpeng Zhao sympathized with LUNA's condition. He opened himself up to developer Terra LUNA. Openly in a number of tweets, CZ stated that he supports the Terra community and the recovery carried out by the developer LUNA.
"In this case, I would like to see more transparency from them (Luna team)," wrote CZ in a Twitter post. “Includes specific on-chain transactions of all funds. Relying on third party analytics is not sufficient or accurate. This is the first thing that should have happened.”
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