Chaotic Cryptocurrency Crash Confusion Continues As Luna Coin Crescendoes

The cryptocurrency Luna Coin, whose rapid decrease in value this last week helped trigger a wider crash in the cryptocurrency market and an all-time surge in the investing meme market, is up again.

#lunacoin right now😁 pic.twitter.com/J70B5X08YL

— CryptoPredictions (@CryptoPredict12) May 13, 2022

Luna is a South Korean-based cryptocurrency tied to a “stablecoin” called Terra, that is supposed to always be worth at least one US dollar. After the Federal Reserve announced lower interest rates, the blockchain network behind Terra was unable to keep the value at one dollar and Luna totally collapsed, approaching a $0 value. Bitcoin's value fell by about 20 percent.

Many investors lost a lot of money, and produced a lot of sad memes.

Here we go again #LUNA 🌕🚀#lunacoin #LUNAUSDT #lunabusdt pic.twitter.com/I9Wmtaz5Qw

— Ashan Thilochana (@Ashan_Thilochan) May 14, 2022

But on Saturday the programmers behind Luna announced a “revival plan” intended to boost and stabilize the cryptocurrencies, leading many to buy the dip and recommit. The currency rose rapidly, although not quite to the levels seen before the cryptocurrency crash.

Make him play ‘Red Light- Green Light’@terra_money #terraluna #TerraUSD #lunacoin #The Terra #LUNA pic.twitter.com/pVTMYtew5n

— Ananda Banerjee (Web3.0-Defi Copywriter) (@A_B_boying) May 13, 2022

$Luna will make you millionaires Retweet if you believe HELP SAVE $Luna buy the dip #lunacoin #LUNAUSDT #Terra_Luna #TerraUSD #cryptocurrency pic.twitter.com/F3hQ5DsvhB

— TerraFormLabs 🌕 ™ (@TrustWhales) May 14, 2022

As always with cryptocurrency, NFTs and other Web 3.0 assets, many mocked those who continued to invest in the extremely volatile asset, and many others lost more money than they intended.