While everyone is looking at the price of LUNA, few look at the market cap and the supply.
LUNA now has more then 3B in supply. Few days ago it was around 300M!
There was a limit how much LUNA can be printed per day, but that limit was increased and now literally billions of LUNA are printed daily to accumulate everyone that want to exit from UST.
When we are at UST, the market cap there is around 7B now with 12B UST in circulation. At the top it was 18B.
I expect more people to exit UST in the coming days, and maybe there will be some stabilization when the market cap falls under 5B. At this price the UST supply will be somewhere around 7 to 8B .... then there will be furter exits from UST but the price might start to recover, and the market cap will be hovering somewhere between 3 to 5B.
This all is just a speculation
P.S. Its much more now, follow live data here
Wow, with such an increase in market cap, the price of LUNA will have a VERY hard time recovering, even after UST goes back to peg.
In the supply
right, correct, because the price went on its head. still bull market speech reflexes I guess. :)
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They think printing more will stop people exiting ? And it should have been not changeable, right ?
People are burning UST and printing LUNA in the process... in theory these conversions should give them $1 worth of LUNA
So centralized and so risky, better to stay away from LUNA and UST, I only expect that UST will recover the 1$ value in order for me to get out
Might want to wait a few years :)
i'm not worried since the amount I have is small
Great!
This is a good analysis. I didn't know the supply increase 10 times. That means it take a few days before Luna will recover !
I believe more people would exit as been said and there is no doubt about it.
I think that it is not possible for UST to go back to the peg. Because Luna was supposed to back UST and the total market cap of UST is bigger than the market cap of Luna.
I don't understand how UST resisted up to now. Do I miss something?
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I dont know as well. ... probably some external funds
14.3 available to 19.4 total at the moment on gecko, hoo lee fuuk
Check live data here
https://terrasco.pe/mainnet/luna/supply
17B now
poa... what da hell. Maybe they try to become the next shib.
makes me wonder if I should get a moonbag now :D
We‘re closing in to 30b… that’s not tradeable right now, is it? I could imagine most pairs are broken and CEXs are delaying transfers. I changed my mind, no moonbag.
There is no cap in the code. 😎