{"id":4102,"date":"2022-05-13T09:14:21","date_gmt":"2022-05-13T09:14:21","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=4102"},"modified":"2022-05-13T09:14:21","modified_gmt":"2022-05-13T09:14:21","slug":"bitkwonnect-luna-brothers-moment-sees-terra-inflate-token-supply-3500-overnight","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=4102","title":{"rendered":"BitKwonnect? \u2018Luna Brothers\u2019 moment sees Terra inflate token supply 3,500% overnight"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Terra (LUNA), the in-house token of Blockchain protocol Terra, is undergoing major changes which are causing intrigue and despair in equal measure.<\/p>\n<p>Data released on May 13 confirms that overnight, the embattled cryptocurrency\u2019s supply expanded to an eye-watering 6.9 trillion LUNA.<\/p>\n<h2>6,900,000,000,000 LUNA, almost zero value<\/h2>\n<p>After a tumultuous week in which Terra attempted to rescue LUNA along with its failing United States dollar stablecoin, TerraUSD (UST), things have gone from bad to worse.<\/p>\n<p>Despite huge sales of BTC and loans to prop up the market, both tokens have continued to hemorrhage value.<\/p>\n<p>At the time of writing, LUNA\/USD traded at an almost imperceptible average of $0.00005474 at the time of writin, according to data from CoinMarketCap. <\/p>\n<p>To the dismay of those hoping to long at previously already low levels, LUNA could not stop its decline, and the latest measures by Terra appear to have exacerbated the situation.<\/p>\n<p>Supply increases, which began in earnest on May 8, took a turn for the nonsensical in recent days in a move reminiscent of hyperinflationary fiat currencies.<\/p>\n<p>On May 11, 1.8 billion LUNA was minted and added to the existing 764 million supply. If that were not enough, May 12 saw 185 billion more tokens appear.<\/p>\n<p>Finally, on May 13, Terra minted 6.7 trillion LUNA \u2014 an increase of 3,483% at once.<\/p>\n<p lang=\"und\" dir=\"ltr\">RIP pic.twitter.com\/LXfx1ngu2A<\/p>\n<p>\u2014 hodlonaut \u26a1  (@hodlonaut) May 13, 2022<\/p>\n<p>\u201cThere\u2019s bitcoin, and there\u2019s shitcoins,\u201d popular commentator Hodlonaut, creator of Bitcoin cultural resource Citadel21, responded during the May 12 print.<\/p>\n<p>After the total LUNA supply hit 6.9 trillion, Hodlonaut drew a line under the altcoin\u2019s existence.<\/p>\n<h2>Worse than OneCoin?<\/h2>\n<p>As spectacular as the inflation is, LUNA\u2019s collapse is what is drawing the most attention, as older market participants compare the events to the demise of crypto Ponzi schemes such as BitConnect and OneCoin.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin price sees &#8216;hell of a reversal candle&#8217; as 168,000 BTC leaves exchanges<\/em><\/strong><\/p>\n<p>David Hoffman, co-founder of crypto newsletter Bankless, laid out\u00a0the scale of the LUNA implosion versus BitConnect with a comparative market cap chart.<\/p>\n<p><em>LUNA vs. BitConnect market cap chart. Source: David Hoffman\/ Twitter<\/em><\/p>\n<p>\u201cLUNA really is the biggest cluster i\u2019ve ever seen in crypto,\u201d popular trader MDXCrypto continued:<\/p>\n<p>\u201cworst than Bitconnect, worst than Onecoin, worst than Axie, worst than them all.\u201d<\/p>\n<p>As Cointelegraph recently\u00a0reported, Terra has pledged to revive the entire ecosystem, nonetheless shutting down the LUNA blockchain completely hours later.<\/p>\n<p>\u201cEven if LUNA and UST survive this episode, in the long run there must be some genius protocol changes effected to bolster market confidence that the marketcap of LUNA will always exceed the UST float,\u201d Arthur Hayes, former CEO of derivatives platform BitMEX, wrote in the first of a series of blog posts on stablecoins, titled \u201cLuna Brothers, Inc.\u201d released May 13:<\/p>\n<p>\u201cI have no idea how to accomplish this.\u201d<\/p>\n<p>LUNA\/USD, having been pulled from major exchange Binance, traded at $0.0077 on Bitfinex at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.<\/p>\n<p><em>LUNA\/USD 1-hour candle chart (Bitfinex). Source: TradingView<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitkwonnect-luna-brothers-moment-sees-terra-inflate-token-supply-3-500-overnight\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Terra (LUNA), the in-house token of Blockchain protocol Terra, is undergoing major changes which are causing intrigue and despair in equal measure. Data released on May 13 confirms that overnight, the embattled cryptocurrency\u2019s supply expanded to an eye-watering 6.9 trillion LUNA. 6,900,000,000,000 LUNA, almost zero value After a tumultuous week in which Terra attempted to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-4102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4102"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4102\/revisions"}],"predecessor-version":[{"id":4104,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4102\/revisions\/4104"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/4103"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}