The circulating supply of Luna has risen dramatically while the price of the Terra native asset has plunged.
Per Terrascope, the circulating supply of LUNA has hit 1.15 trillion tokens. As of press time, LUNA is trading at $0.000019 against BUSD.
Earlier Thursday, The Block reported that the circulating supply of Terra's native asset, Luna, had ballooned amid anAs of around 11:15 a.m ET, that figure stood at roughly 25 billion LUNA. Now, that figure is approximately 401.6 billion, according to data fromThe state of affairs has to do with the embattled algorithmic stablecoin TerraUSD and the redemption mechanism by which they can swap UST for LUNA.
As such, the price of LUNA has fallen dramatically in the past hour, hitting a low of $0.00004 on Binance. The token is currently trading at $0.00005. Binance's LUNA/USDT order book shows the lowest buy order as $0.00002.that it was halting the trade of LUNA across most of its spot trading pairs, including LUNA/USDT and LUNA/BTC. Binance will continue to allow trading of LUNA against Binance USD and UST.
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