Luna token supply hits 25 billion — up by nearly 24 billion today by Timccopeland
This is due to the relationship between Luna and the stablecoin UST, which has lost its peg to the dollar.The circulating supply of Luna has broken above 25 billion as the token is being minted on an exponential level.
This state of affairs is due to the breakdown of the TerraUSD peg and its relationship with Luna, the native asset of the Terra blockchain. For the last few weeks, the supply of Luna stayed around the 325 million mark. Wednesday, it shot up to 1.5 billion, and today it has increased as high as 25.3 billion — and it's still growing at a furious rate., a behavioral cycle is affecting the two tokens in light of UST losing its peg and a huge amount of selling pressure. At present, many traders are swapping UST for Luna, a mechanism designed to help the stablecoin maintain its peg with the US dollar.
This has affected many Luna holders, with YouTuber KSI noting that his $2.8 million of Luna is now worth just $1,000."Many holders have been unable to sell their tokens as they were being staked and will only be able to sell in up to© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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