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The 9th ranked coin based on market cap, Luna, has recently been under intense interrogation after news about its discontinued funding of the Magic Internet Money (MIM) stable coin which caused a lot of tension around the coin.
Luna according to the chart on trading view has had an all-time high of $103 plus. It got to this price mid-December and since then it has been on a steep decrease since and it currently is sitting at $49 at the time of report.
After the news on the discontinuation of the funding, Terra Luna has gone down more than 50% of its previous worth at all-time high. After the decline from all-time high, Terra Luna sat on the $70- $72 zone for a while and then went down further to the $48 – $50 zone. Having major resistance sitting at $48, deciding to trade and buy into Luna has been considered intently by investors following the news surrounding the asset and its road map
Following bitcoins downtrend and its notable move from the $52k to the $45k region, Terra Luna did exceptionally well moving a tremendous 133%+ during the red lettered crypto period December 2021 making a run to the ATH and out performing majority of alts that period and Bitcoin itself
Magic Internet Money with LUNA
CurveFinance recorded a 40% decrease in the reserve of stable coin MIM reducing its value from $530 million in reserve to a tragic $300 million with all this resulting from the funding of the coin.
Developers from Wonderland that had a hand in the QuadrigaCX fraudulent exit are one of the likely reasons for this liquidation. Quadrigram Fintech Solutions, founder and manager of QuadrigaCX, the largest Canadian cryptocurrency exchange was bankrupt in 2019 and its exchange ceased operation owing debts of millions of dollars from a scam exit concocted by its very own developers.
With wonderland projects having ties with Abracadabra protocol; the foundation of the magic internet money stable coin, FUD around the coin increased since these projects were all interconnected
Following the fact that the developers in wonderland following their past scandalous record, had a role to play in the MIM project, the fear amongst investors spiked which almost immediately resulted in the 30% drop of the UST (Terra Luna Stable coin) and the Magic Internet Money stable coin.
A vote was cast recently by developers in the wonderland Decentralised Autonomous Organization (DAO) to remove the members that had ties with the former Quadriga project from this current Luna project.