Although the turmoil that has encumbered the crypto market is beginning to lose its grip, Terra (LUNA) has only continued to fall harder. Over the last 24 hours, Terra (LUNA) has dropped by 8%, bringing its weekly losses up to 35%.
The 24 hours price chart of Terra (LUNA). Source: Tradingview
Terra Falls Short
In the last month, LUNA has lost 45% of its value, dropping from highs of $93.79 to its current price of $46.559.
The 30 days price chart of Terra (LUNA). Source: Tradingview
Terra’s losing streak was compounded with the reveal of Wonderland’s Sifu as Michael Patryn – co-founder of defunct Canadian exchange QuadrigaCX. LUNA dropped by 17% over the weekend, as its partner Abracadabra is closely associated with Wonderland.
Dogecoin Overtakes Terra
While Terra’s (LUNA) worsened over the weekend, the number one meme coin, Dogecoin (DOGE), recovered, leading Terra to lose its position to Dogecoin.
Terra’s losses saw its market cap hit an interday low of $17.4 billion, while Dogecoin’s recovery over the weekend helped its market cap start trade on January 31 at $18.92 billion. Terra’s price drop saw Dogecoin briefly claim the position as the 9th largest cryptocurrency ranked by market cap.
The 1-day market cap chart of Terra (LUNA)
The 1-day market cap chart of Dogecoin (DOGE)
On the Flipside
- Do Kwon of Terraform has announced plans to tackle the depletion problem of LUNA with an immediate cash injection.
Why You Should Care
Terra’s native token (LUNA) and its defi ecosystem both lie in a difficult situation, both depending on the outcome of Wonderland.
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