98% cryptocurrency of Terra Luna collapses: "I'll become homeless," said investors

98% cryptocurrency of Terra Luna collapses: “I’ll become homeless,” said investors

“I lost all my life savings. Had bought Luna at $85, not sure what to do,” this is written by one of the investors of Terra Luna wrote in the community forum of Reddit.

Terra Luna is among the top 10 most valuable assets that can be found in the universe of crypto. Luna is also described as a blockchain protocol that supports the stability of price in a global payment network by using stablecoins that are backed by the currency of FIAT.

Within the last 24 hours, Luna’s market cap drop down from more than $40 billion to just $500 million, falling more than 99% and leaving a lot of investors nowhere to go.

The breathtaking crash of the brand brings widespread destruction to the lives of many investors who are fearing their lives to become homeless after the chaos that Terra Luna brings into their lives.

One of the users of Luna’s platform posted, “I got greedy hoping to get more money so I can at least afford a downpayment for a house for my family. I guess no house and savings then.”

Another user experience was posted saying, “I will lose my home soon. I’ll become homeless.”

An announcement has been posted by the Terra Luna:

In the past few days, Terra Luna, is bathing in their blood as a lot of investors are affected by mayhem, another post on Twitter says, “I just want to say, how the Terra community handled the recent bloodbath was above anything I’ve seen before.” it also added, “True respect to all you #LUNAtics, and others outside of the community who stayed positive.”

Do Kwon, who founded Terra creators Terraform Labs, tweeted: “I understand the last 72 hours have been extremely tough on all of you – know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this.”

Terra shared that the prevailing pressure on $UST from its current supply overhang is rendering dilution of $LUNA. They also additionally adopted the $UST as a stablecoin, this will be linked as an underlying asset that includes gold or the U.S dollar.

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