The Luna Foundation, one of the largest Bitcoin whales in the market, reduced its BTC reserve to 0, leading the Bitcoin price to 30 thousand dollars, while the Terra (LUNA) price experienced one of its biggest collapses recently. LUNA, which has lost more than 90% in the last 24 hours, is trading at $1.71 at the time of writing. Altcoin market losses exceed 15%…
Why are Terra (LUNA) and TerraUSD (UST) crashing?
Terra Luna tumbled over 80% amid the algorithmic stablecoin UST debacle on Wednesday. The success of the Terra ecosystem is based on the adoption of UST as a stablecoin, so LUNA and UST are inextricably linked.
As the UST Curve pool began trading well below the UST dollar peg, it gradually shrank as users swapped UST for rival stablecoins. As a result, the price of LUNA, the collateral of UST, fell as a result of short selling. To alleviate the negative price pressure, Terra had to print more LUNAs.
Whales buy these altcoin projects as the market crashes
In the rest of the article, let’s take a look at which altcoins Ethereum whales are positioning in current market conditions. The WhaleStats chart below shows the altcoins most bought by the biggest Ethereum whales over the last 24-hour time frame. USDC, USDT, BUSD and DAI are stablecoins where whales take refuge in highly volatile market conditions. Operating in different fields, APE, SUSHI, SNX and LINK were other altcoin projects that filled whale wallets.
LUNA (Wormhole), ranked 9th in the list, provides its users with multiple Blockchains including Ethereum, Solana, Terra, Binance Smart Chain, Polygon, Avalanche and Oasis. It provides a general message forwarding protocol that connects. It completes the list in the last place with a purchase of 4 thousand dollars in a short time. Looking at the outlook, the list of stablecoins with million transactions tops the list with LUNA and LINK:
- Ethereum (ETH)
- USD Coin (USC)
- Tether (USDT)
- Binance USD (BUSD)
- Apecoin (APE)
- DAI (DAI)
- Sushi (SUSHI)
- Synthetix Network Token (SNX)
- LUNA (Wormhole)
- Chainlink (LINK)
Whales are accumulating these small volume altcoin projects
receives the most traded altcoins among the top 100 ETH whales, with a market capitalization of between $5 and $15 million.
LUNA’s next list overview:
- Pendle (PENDLE)
- PAR Stablecoin (PAR)
- MoonRabbit (AAA)
- DeGate Token (DG)
- LUNA (Wormhole)