This weekend is rough for the global crypto market as it’s nearing a year low. Bitcoin struggles to hold support, dipping below $19k, and Ethereum is facing significant bearish pressure as the ETH price is down 10%, currently trading at $1,500. As Terra 2.0 (LUNA) is considered an altcoin, it’s no surprise that LUNA is also amplifying BTC’s movements and is down 11% this Saturday, currently trading at $2.6.
Even though Terra 2.0 (LUNA) has been losing value rapidly this past week, the ecosystem continues to expand at an impressive rate.
Dozens of projects have been announcing their integration with the new chain. Multiple Decentralized wallets have integrated with Terra 2.0, and several NFT projects launched last week on LUNA.
Do Kwon opened up his Twitter account after four days of silence, promising to “soon be more proactive in communicating with the press & getting the right information out there.”
Today, TerraGotchi announced the launch of their on-chain identity layer on Terra by introducing TerraGotchi NFTs: the first class of dynamic NFTs offering a fun, game-like experience to track wallet transaction data on-chain.
2/ So how does it all work?
With TerraGotchi, a user will mint a dynamic NFT which visualizes their transaction history. As a user traverses the world of Web3, the NFT will evolve based on their activity. These NFTs can't be transferred and will be limited to one per wallet.
— TerraGotchi (@Terragotchi_nft) June 10, 2022
Users can mint NFTs, which will visualize their transaction history. The NFT will evolve based on their activity, similar to the popular Tamagotchi pet toy of the 90s and early 2000s.
With the recent bearish momentum for Bitcoin and Ethereum, users are turning to Twitter to discuss the cryptocurrency market, express their frustrations with the dipping price of various cryptocurrencies, or publish memes to soften the pain with humor.
$1700 support on $ETH being held up like pic.twitter.com/sLnzzAgNLK
— CryptoGodJohn (@CryptoGodJohn) June 10, 2022
The recent dip for crypto markets is likely due to the stock market’s poor performance last week, with the Dow falling over 800 points as inflation hits an all-time high.
Global markets were crushed last week as inflation continues to increase, which isn’t helping cryptocurrencies.
We can only hope the Bitcoin will depeg from the stock market like UST depegged from USD but in the opposite direction. After all, Bitcoin and cryptocurrencies like Ethereum and LUNA are inherently immune to inflation as the supply is fixed.
Terra 2.0 (LUNA) is holding support relatively well at $2.65, but with a falling 24-hour trading volume of $218 million. Terra Classic (LUNC) is holding support even better, only down 2% in the past 24 hours, currently trading at $0.0000684 with a 24-hour trading volume of $161 million.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
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Paul Brabus is a crypto journalist and enthusiast. He loves reading and writing about all things crypto.
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