[Asia Economy Reporter Lee Jung-yoon] Luna, which saw a significant increase in trading volume following the crash, has recently experienced a sharp decline in trading volume again.
According to cryptocurrency market tracking site CoinGecko on the 20th, Luna's trading volume for the previous day was $564.68 million (approximately 721.7 billion KRW). This represents a 29.30-fold decrease compared to the trading volume of $16.54789 billion (approximately 20.9331 trillion KRW) on the 12th, when Luna's price fell from the $80 range at the beginning of this month to around $0.018. Additionally, the average trading volume for May until the 8th, before the Luna price crash, was $1.99851 billion (approximately 2.5541 trillion KRW), which means the volume has decreased by 3.54 times compared to that.
The significant drop in trading volume appears to be due to the disappearance of expectations for a price increase. Until the 5th of this month, before the price decline trend appeared, Luna's price was around $87, but it plunged sharply and was trading at $0.00013 as of 10 a.m. on the day. There were occasional rebounds, such as when the price reached $0.83 around 10 p.m. on the 11th and then rose to $3.82 two hours later. However, no significant rebound trend has appeared since the 17th, and the trading volume, which was $2.26727 billion, dropped to $961.58 million on the 18th.
TerraUSD (UST) trading volume is also showing a declining trend. On the 13th of this month, when UST's price dropped to $0.08, the trading volume was $4.04167 billion, but it decreased to $399.26 million on the 19th. Compared to $719.24 million at the beginning of the month, this is about a 1.8-fold decrease.
Earlier, when the price of UST, a stablecoin designed to be pegged to $1, plummeted, the price of its sister coin Luna also fell, causing a major crash. Unlike other stablecoins backed by safe assets such as cash or government bonds, UST maintained its value through an algorithm linked to Luna. However, due to concerns about an economic recession and other factors, the prices of UST and Luna fell, ultimately leading to the major crash.
Meanwhile, starting from 12 p.m. on the day, domestic cryptocurrency exchange Upbit will delist Luna from the Bitcoin Market, where it can only be traded against Bitcoin. After trading support ends, all previously requested sell and buy orders will be canceled. However, withdrawals will still be possible for 30 days even after trading support ends.
Bithumb will end trading support for Luna from 3 p.m. on the 27th. Withdrawals will be possible until 3 p.m. on the 27th of next month. Additionally, Bithumb has also ended staking services for Luna from that day. Staking refers to the process of delegating held cryptocurrencies to a blockchain network to participate in the platform's operation and verification, receiving cryptocurrency rewards in return.
Gopax, which was the first to decide to delist Luna, stopped deposits for Luna and TerraKRT from the 10th of this month. TerraKRT is a stablecoin pegged to the Korean won. Subsequently, trading support ended at 3 p.m. on the 16th of this month. Withdrawal support will end at 3 p.m. on the 16th of next month.
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