Priced At Less Than a Penny

By: Jean Paul Mojica, Technology Reporter

Cryptocurrencies have lost their value, especially with “TerraClassicUSD (UST)” and its sister currency, Luna, which had plunged around 97% compared to its peak value. In March, during its peak, it was valued at 100 US dollars in March, and it is now valued at less than a penny.

Luna was created as a Stablecoin. Stablecoins are cryptocurrencies which were designed to have a relatively stable price, being a safe option for investors. This is done through its value being connected to a commodity or currency, which consists of gold, oil, dollars.

According to coinmarketcap.com TerraClassicUSD plunged in value as a result of a mass amount of investors of UST and Luna selling the coin within the time-frame of a couple hours

In response to this plunge, the creator Do Kwon has created Luna 2.0 with a current price of $7 per coin.

WJPS junior Ameen Afroz stated, “The drop of price in cryptocurrency shows the volatility of the coins and should be a pretty good indicator for what we can expect in the future.”

WJPS teacher Ms. Kim stated, ¨Someone who would consider themselves a safe-investor in general it’s scary to see something being commercialized as stable stocks crash so intensely, cases like these are why I don´t risk my investments there.¨