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Terra (LUNA) Loses its Position to Dogecoin (DOGE) as Slump Worsens -Breaking

by Mike Robinson

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Terra (LUNA). Loses Position to Dogecoin.

Although crypto market volatility is slowly receding, (LUNA), which has been falling harder than ever before, continues to be a problem. Terra (LUNA), has lost 8% over the last 24 hour, bringing its weekly losses to 35%.

Terra’s 24 hour price chart (LUNA). Source: Tradingview

Terra Falls Short

LUNA lost 45% in the past month. It dropped from a high of $93.79 down to $46.559 at its current price.

Terra (LUNA) price chart for the next 30 days Source: Tradingview

Terra’s losing streak was compounded with the reveal of Wonderland’s Sifu as Michael Patryn – co-founder of defunct Canadian exchange QuadrigaCX. LUNA fell 17% this weekend due to its partnership Abracadabra being closely linked with Wonderland.

Terra overtaken

While Terra’s (LUNA) worsened over the weekend, the number one meme coin, Dogecoin (DOGE), recovered, leading Terra to lose its position to Dogecoin.

Terra’s losses saw its market cap hit an interday low of $17.4 billion, while Dogecoin’s recovery over the weekend helped its market cap start trade on January 31 at $18.92 billion. Terra’s price drop saw Dogecoin briefly claim the position as the 9th largest cryptocurrency ranked by market cap.

Terra (LUNA), 1-day market cap charts

Dogecoin’s 1-day market cap chart (DOGE).

The Flipside

  • Do Kwon, Terraform’s founder and CEO has revealed plans to address the depletion issue of LUNA by injecting cash immediately.

What You Need to Care About

Terra’s native token (LUNA) and its defi ecosystem both lie in a difficult situation, both depending on the outcome of Wonderland.

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