May the 12th was one of the biggest days in Terra (LUNA) history, as the price of Terra Luna crashed and the Terra Luna UST de-pegged by over 70%. On that day, Terra’s price fell by over 96%, pushing it to less than $0.0001, and thousands of retail investors lost significant portions of their portfolios in a matter of hours. This sudden crash has left the crypto community asking what caused the price of Terra (LUNA) to fall so quickly? Furthermore, are there any safer crypto alternatives to invest in during a bearish market?. This article will discuss the cause and failure of Terra (LUNA) and the safer alternative cryptocurrency that everybody is talking about; Chronoly (CRNO), which is currently in its presale.
Terra (LUNA) and TerraUSD (UST) are both native tokens of the Terra (LUNA) network, a blockchain-based technology start-up established in South Korea by Terra Labs. Users in the Terra ecosystem are expected to be able to swap the Terra (LUNA) token for UST at a guaranteed price of $1 – independent of the market price of either token at that moment.
Essentially, the crash happened because the Terra Luna network stopped functioning correctly and as a result, UST’s value started to decrease once it lost its tie to the US dollar. There has been no official word on why this happened, but what we do know is the algorithm issued more and more Terra Luna coins in an attempt to recorrect the price and it went into overdrive, causing significant issues. “The total supply of Luna grew from roughly 725 million tokens on 5 May to about 7 trillion on 13th May.
Chronoly.io is a decentralised marketplace for NFTs backed by luxury watches on the Ethereum (ETH) blockchain. The company aims to connect to numerous virtual worlds, allowing holders to showcase their digital watches online and in the metaverse. In addition, they plan to release a decentralized ledger to verify pre-owned luxury watches and track their ownership history. This makes Chronoly the world’s first marketplace to back digital NFTs with real-world versions of watches stored in depositary vaults.
Recently we have seen companies like Nike follow this trend as they have recently hinted that their Nike NFTs may be swapped for sneakers in the future. The Chronoly (CRNO) token is the currency that powers the Chronoly ecosystem, enabling holders to stake their tokens to earn a passive income, receive discounts on purchases and enter the monthly watch lottery where one lucky winner will win a luxury watch.
Many top crypto analysts predict that the Chronoly token could significantly rise over the coming weeks with some ambitious price targets of $0.50, representing a 50x ROI. The Chronoly (CRNO) tokens are currently in presale at $0.033 up 233% from last week’s price, which is a great entry point considering analyst forecasts.
For more information on the Chronoly presale:
Always conduct proper research when dealing with pre-sales of currencies and tokens. The information above does not constitute investment advice by CryptoMode or its team, nor does it reflect the views of the website or its staff.
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.
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