Even after this, the price of Terra did not improve and it fell 100 percent. Now Indian cryptocurrency exchanges have also started pulling Terra out of their platform. WazirX and CoinDCX have decided to de-list Terra (Luna) from their platform after a 100 percent drop. A week ago, on Saturday, the price of Luna was close to $80 or about Rs.6000. But till a day before, i.e. on Friday, May 13, its price came down to $ 0.00002446. In this one week, the market capitalization of this token came from $ 30 billion (about Rs 2 lakh 32 thousand crore) to just $ 6 million (about Rs 47 crore).
WazirX, India’s largest crypto exchange by trading volume, on Friday announced that it is delisting Luna/USDT, Luna/INR, and Luna/WRX pairs. USDT is the stablecoin Tether and WRX is the utility token of WazirX. Earlier on Thursday, the parent exchange of WazirX, Binance de-listed Luna/USDT. Another Indian exchange CoinDCX also de-listed UST and Luna from its CoinDCX app. UST or terraUSD, which is an algorithmically stable coin, is a companion coin to Luna.
CoinDCX said users should note here that they can still trade in Luna through the CoinDCX Pro and CoinDCX Web platforms. Several other names have been added to the platforms delisting Luna, including BuyUcoin and Unocoin. However, this token is still trading on Bitbns, while terraUSD (UST) is not listed on this platform.
Luna’s downtrend began last weekend when its companion token, UST, was delisted at $1. After this big investors started selling UST worth millions of dollars. A stable coin is usually pegged to an asset such as the US dollar or a precious metal such as gold. TerraUSD is a decentralized algorithmic stable coin, which means that instead of being backed by one asset, UST uses complex code to create a new coin or destroy an old one to maintain a stable price at $1. Stablecoin has a governance token that gives it stability. In the case of UST, it is Luna.
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