Crypto.com, a popular mobile app and exchange, halted trading of Luna on Thursday after detecting an error that quoted the wrong price for the token for the Terra blockchain.
Buy and sell trades would be reversed, the company said in a post on its website. Users impacted by the event are being notified by email and will be credited $10 in CRO, which is the token used on the platform.
The news came amid a week of crisis for Luna and the Terra network.
Earlier this week, Luna holders watched as its related stablecoin TerraUSD (UST) lost its peg to the US dollar. Luna's price dropped more than 90% and holders of the token were unable to sell, The Block reported at the time.
The price of Luna dipped even lower yesterday as Terraform Labs CEO Do Kwon scrambled to figure out how to restore UST's peg. Binance, which facilities Luna trading more than other crypto exchanges, reported that Luna fell to a low point of $0.21, The Block reported. Binance has suspended trading in Luna.
This morning, Luna's supply surged to 6.5 trillion coins before the Terra blockchain was halted for the second time in the past day in an effort to revive the ecosystem. The supply has increased 17,000 times in the past three days. Its price has crashed from $60 to a fraction of a cent.
Trading and deposits/withdrawals of LUNA will be temporarily suspended on the Crypto.com App and Exchange (Spot, Margin, and Lending)* starting from 26 May 2022, 12:00 UTC, until further notice. Existing LUNA balances will be converted to LUNC after the Terra chain migration.
If the market declines, it is anticipated that the WLUNA will recover slightly. The year 2030 might conclude with an average price of $0.003, a lowest price of $0.003, and a maximum price of $0.004.
Glitch's price today is US$0.033, with a 24-hour trading volume of $106,531. GLCH is +1.87% in the last 24 hours. It is currently -1.29% from its 7-day all-time high of $0.03343, and 9.00% from its 7-day all-time low of $0.03027.
Even though LUNC pumped by more than 5% recently, price predictions are not so great. According to them, LUNC will trade between $0.000294 in 2023 and $0.001258 in 2030. Looking at the table above, we can see predictions say LUNC is unlikely to hit $1 anytime soon.
Can LUNC coin reach $1 in 2023? Although a meteoric rise to $1 could be impossible in 2023, Terra Luna Classic price has the potential to return massive gains to investors who buy it as it recovers. LUNC's value is up 25.7% in the past 30 days, thus outperforming many cryptocurrencies in the market.
“An exponential amount of new LUNA were minted due to flaws in the design of the Terra protocol. Their validators have suspended their entire network, resulting in no deposits or withdrawals possible to or from any exchange,” said Changpeng Zhao, founder and chief executive of Binance, in a Twitter thread.
The Luna crypto network collapsed in what's considered the largest crypto crash ever, with an estimated $60 billion wipeout, shaking the global digital currency market.
CZ said Binance made the decision to suspend the tokens after an “exponential” amount of Luna was created due to flaws with the cryptocurrency's engineering, which came as the entire Terra network ground to a halt, preventing deposits or withdrawals.
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