Luna is down 93% in the past 24 hours. Yet many investors won’t be able to cash out for weeks By Timccopeland
Those who have their Luna tokens staked are watching the value of their tokens plummet — and can’t do anything.After the stablecoin TerraUSD lost its peg to the US dollar this week, many investors in the related token Luna have been left unable to sell.
When coins are staked, they are locked up indefinitely and the holder receives tokens as rewards. When the holder chooses to unstake them, they are able to get their tokens back after a period of time and then no longer receive rewards. Staking periods can range between different cryptocurrencies, but for Luna, it’s 21 days that you have to wait to get your tokens back.
Yet the collapse of Luna and UST has happened incredibly quickly and with painful results. As UST has lost its peg to the dollar, a lot of investors have tried to cash out in case the stablecoin’s price drops even further. While some have sold on the open market, others have swapped 1 UST for $1 of Luna .
Today alone, the price of Luna has dropped from $31 to $2 — down 93%. The token has lost 97% of its value in the past week. This price crash has happened faster than Luna stakers have been able to blink, let alone unstake their coins and cash out.
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