Terra (LUNA) has dropped massively since the beginning of this week and its price has dropped by more than 130% in just two days. It has dropped from trading above $80 to its current price just below $4, something that has shaken the entire Terra community.
The current predicament comes after weeks of joy as the price of LUNA skyrocketed to all-time highs following the news of the release of Terra’s stablecoin, the TerraUSD (UST).
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To help investors and traders who want to take advantage of the current Terra (LUNA) dip, Invezz has created a brief article to help with identifying the best places to buy it.
To find out more, please continue reading.
Best places to buy Terra (LUNA)
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What is LUNA?
LUNA is the native cryptocurrency of the Terra blockchain.
The Terra blockchain uses fiat-pegged stablecoins to power a stable global payment system. In a nutshell, Terra leverages the stability of Fiat currencies and the decentralized nature of Bitcoin (BTC) to offer fast affordable settlements using stablecoins.
Besides TerraUSD (UST), a number of other stablecoins pegged on the US Dollar, the South Korean Won, the Mongolian tugrik, and the International Monetary Fund’s Special Drawing Rights basket of currencies have been developed and deployed using Terra blockchain
Besides LUNA being used as a stabilizer of the various stablecoins developed via Terra, LUNA holders can also vote on Terra governance proposals.
Should I buy the LUNA coin today?
If you are looking to invest in a cryptocurrency that has massively dipped in the past few days, then LUNA could be a good choice.
However, the effect of the UST stablecoin de-pegging from the US Dollar, which is the main reason why the price of LUNA is dropping could take a while to be canceled out seeing that an earlier attempt to use BTC hasn’t helped yet. Additionally, the cryptocurrency market is very volatile.
Terra price prediction
Although there are fears that the price of LUNA could be finding its way to $1, some analysts believe the token could easily shoot back towards $80 if the price of the UST stablecoin is brought to stability once again.
$LUNA social media coverage
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Source: https://invezz.com/news/2022/05/11/buying-luna-as-it-dips-after-the-ust-de-pegged-from-us-dollar-heres-where-to-buy-luna/