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Worst Shitcoin Ever? – LUNA “surpasses” even BitConnect and OneCoin

 


The blockchain project Terra has taken the first measures in the face of the massive collapse of the company's cryptocurrency LUNA , which speaks of the courage of desperation.


Accordingly, as recent data as of May 13 shows, the floating crypto project has now increased its supply to an astronomical 6.9 trillion. LUNA increased.


6,900,000,000,000 LUNA, value almost 0

In a wild week in which Terra has been scrambling to save both LUNA and its associated stablecoin TerraUSD (UST), things seem to be getting more and more dramatic.


Although large portions of Bitcoin's own reserves have already been sold to support the coins, both continue to fall.


Those hoping to capitalize on the interim lows have come to realize that LUNA just needs to shed more blood, and the actions taken by Terra probably helped.


Above all, the increase in the supply volume, which has been pushed since May 8th and has now taken on downright crazy features. This type of monetary policy is almost reminiscent of the hyperinflation of some fiat currencies.


On May 11th, another 1.8 billion LUNA were mined, which had already considerably expanded the existing supply of 764 million currency units, but that's not all, because on May 12th, an additional 185 billion LUNA were then minted brought.


Friday, May 13th put the crown on this strategy when all of a sudden 6.7 bio. LUNA, representing an incredible 3,483% increase in supply.



“There is bitcoin and there are shitcoins,” as crypto expert Hodlonaut smugly sums up the situation.


The founder of the Bitcoin online magazine Citadel21 sees the Altcoin at the end of these developments.


Worse than OneCoin and BitConnect?

As unimaginable as Terra’s monetary policy may be, the real headlines are still LUNA’s massive price collapse, which reminds especially long-established crypto investors of infamous scam projects like BitConnect and OneCoin.


David Hoffman, one of the co-founders of the crypto podcast Bankless, therefore compares the scale of the implosion of LUNA with the then (planned) collapse of BitConnect. The comparison not only reveals a striking similarity in performance, but also makes it clear that the scale of the Terra cryptocurrency scandal is many times greater.


“LUNA is the biggest failure in cryptocurrency history,” summarizes trader MDXCrypto. To which he adds :


"Even worse than Bitconnect, worse than OneCoin, worse than Axie, worse than anything before."

As Cointelegraph reported , Terra is now planning to completely rebuild the entire ecosystem around the blockchain project. To do this, however, the operation of the company's own network had to be temporarily suspended , which only caused further uncertainty.


“Even if LUNA and UST come out of this whole thing, it will take some miraculous changes for confidence in the value of LUNA, and that it outperforms existing UST at all times, to ever be restored,” said the former BitMEX CEO Arthur Hayes aptly analyzes the dilemma in his new May 13 blog post . Accordingly, the financial expert remains at a loss:


"I have no idea how to do that."

After the fall into the abyss, a real mammoth task awaits the operators of the project.

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