Main navigation

Dogecoin (DOGE) Jumps Above Terra (LUNA)

Mon, 31/01/2022 - 6:44
Dogecoin (DOGE) Jumps Above Terra (LUNA)
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Dogecoin (DOGE), the top meme cryptocurrency, has climbed to ninth place by market capitalization despite the fact that its price has slid more than 4% over the past 24 hours.

It has managed to topple the embattled Terra (LUNA) token, which is down another 14% amid a brutal sell-off.

LUNA is now down 32.93% over the past week after plunging as much as 17% last Friday.

The most recent price crash is a spillover effect of the Wonderland imbroglio.

As reported by U.Today, Daniele Sestagalli, the co-founder of the controversial reserve currency protocol, pulled the plug on the controversial decentralized finance project despite the majority of the community voting to keep it alive. Wonderland appeared under fire after it turned out that it was run by convicted criminal Michael Patryn, who also co-founded the troubled QuadrigaCX exchange.


Pop Megastar Justin Bieber Splurges $1.3 Million on NFT
Even though the original project now appears to be dead, community members, known as "frogs," have come up with a proposal to launch Wonderland 2.0, a revamped version of the project with a different DAO structure.

Some have also proposed merging Wonderland with Abracadabra, another DeFi project in the Frog Nation, but such a proposal is unlikely to come to life.

Since it is possible to stake the TerraUSD (UST) stablecoin by lending out Abracadabra's Magic Internet Money (MIM) stablecoin, the price of the LUNA token was directly affected by the implosion of scandal-ridden Wonderland.

LUNA's bearish streak was also linked to the depleting reserves of the flagship Anchor protocol, which offers a fixed 20% interest rate. Terraform Labs co-founder Do Kwon downplayed the predicament while also announcing a plan to tackle the depletion problem with an immediate cash injection.


Latest Press Releases

Sui Recognized as 2024 Blockchain Solution of the Year at AIBC Eurasia Awards
ElmonX Unveils ‘The Scream’ NFTs by Edvard Munch For The First Time Ever
World's First Bitcoin Layer 2 Conference to Unite East & West in Hong Kong, April 2024
Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Our social media
There's a lot to see there, too

Popular articles