Large ones also fall, and loudly and strongly.
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The capitalization of LUNA+UST at the moment reached 60 billion. Both assets were in the top 10 by capitalization, and UST was the third largest stablecoin after USDT and USDC. Could anyone have imagined that in a few days the price of LUNA would be almost 0?
Unlikely, but it happened. An unsuccessful algorithm and arbitrage mechanism, FUD and panic did their job — both assets were reset in a matter of days. Yes, they still exist today, but their value is negligible and no one needs them anymore.
We also recall FTX — once the top 3 crypto exchange in the world. The same enchanting, fast and unexpected fall. The year 2022 showed us that nothing is impossible and even the largest crypto ecosystems can collapse to zero.
This is still a highly volatile, high-risk, unpredictable market, so the approach to investing should be appropriate. Be careful, take care of yourself!This post is based on this twitter thread.