It’s tough for the global crypto market as it’s approaching its year-long lows this weekend. Bitcoin struggled to maintain support, falling below $ 19,000, and Ethereum faces considerable bearish pressure as ETH prices have fallen 10% and are currently trading at $ 1,500. Since Terra 2.0 (LUNA) is considered altcoin, it’s no wonder that LUNA has amplified BTC’s move, dropping 11% this Saturday and currently trading at $ 2.6.
Terra 2.0 (LUNA) prices are down, but the ecosystem continues to grow
Terra 2.0 (LUNA) has lost value rapidly last week, but the ecosystem continues to grow at a remarkable rate.
Dozens of projects have announced integration with the new chain. Multiple distributed wallets have been integrated with Terra 2.0, and several NFT projects were launched at LUNA last week.
After four days of silence, Do Kwon promised to open a Twitter account and “proactively work to communicate with the media and get the right information shortly.”
Today, TerraGotchi announced the launch of an on-chain ID layer on Terra with the introduction of the TerraGotchi NFT. This is the first class of dynamic NFTs that provide a fun game-like experience for tracking wallet transaction data on-chain.
2 / So how does everything work?
TerraGotchi allows users to create dynamic NFTs that visualize transaction history. As users traverse the world of Web3, NFTs evolve based on their activity. These NFTs cannot be transferred and are limited to one per wallet.
— TerraGotchi (@Terragotchi_nft) June 10, 2022
Users can create NFTs. This visualizes the transaction history. NFTs evolve based on their activities, similar to the popular Tamagotchi pet toys from the 90’s to the early 2000’s.
#CryptoMarket and $ ETH trends on Twitter
With the recent bearish momentum of Bitcoin and Ethereum, users can use Twitter to discuss the cryptocurrency market, complain about the decline in prices of various cryptocurrencies, and have a meme to relieve pain with humor. It is open to the public.
— CryptoGodJohn (@CryptoGodJohn) June 10, 2022
The recent decline in the crypto market is likely due to poor stock market performance last week, with inflation hitting record highs and the Dow falling below 800 points.
The global market was crushed last week as inflation continues to rise, but it hasn’t helped cryptocurrencies.
We can expect Bitcoin to be depegged from the stock market like the UST depegged from the US dollar, but in the opposite direction. After all, Bitcoin and cryptocurrencies like Ethereum and LUNA are essentially unaffected by inflation due to their fixed supply.
Terra 2.0 (LUNA) maintains relatively good support at $ 2.65, but 24-hour trading volumes have fallen by $ 218 million. Terra Classic (LUNC) has decreased by just 2% in the last 24 hours and is now trading at $ 0.0000684, with a 24-hour trading volume of $ 161 million.
Disclosure: This is not trading or investment advice. Be sure to do some research before you buy cryptocurrencies.
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