Floki Inu Soars to New Heights in the Cryptocurrency Market
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2022-05-14 | Selina Mathew
On May 13, the sibling token of stablecoin TerraUSD Luna plummeted to $0, a 100 percent loss in value. On April 5, it reached an all-time high of $116.
The token's market valuation has dropped from about $40 billion to around $6 million in the previous seven days.
Luna's demise began when its sibling stablecoin, UST, was 'depegged' from its $1 value as significant investors began to dump it.
Meanwhile, on May 13, Binance, the world's largest cryptocurrency exchange, delisted UST and Luna. While Binance CEO Changpeng Zhao stated that the company "always seeks to stay neutral," he added that "this time we will violate that norm."
The cryptocurrency market has been in a wild collapse for the past few weeks. The price of bitcoin is presently Rs 22.85 lakh. Since hitting an all-time high of $69,000 in November last year, the world's largest cryptocurrency has plunged 35.75 percent YTD and lost more than half its value.
Exchange of cryptocurrencies Coinbase lost over a third of its worth this week, as the cryptocurrency trading platform reported a 19 percent drop in active monthly users in the first quarter due to the drop in crypto prices.
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