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- According to a news website, Daniele Sestagalli, the contentious reserve fund protocol’s co-founder, slammed the lid on the contentious decentralized financial project despite the majority of the audience choosing to keep it going.
- Dogecoin ($DOGE) has succeeded to dethrone the troubled Terra (LUNA) token, which has now plummeted another 14% in the midst of a violent sell-off.
- At the time of writing, the $DOGE token is down by 1.02% in the past 24 hours, currently trading at $0.1402. The trading volume of $DOGE toke is up by 6.73 in the past 24 hours. Simultaneously $LUNA is up by 1.64% in the past 24 hours, currently trading at $49.90, and the trading volume of it is up by about 49% in the last 24 hours.
Despite its prices falling over 4% in the last 24 hours, Dogecoin (DOGE), the most popular meme-based cryptocurrency, has surged to ninth place in terms of market value. It has succeeded to dethrone the troubled Terra (LUNA) token, which has now plummeted another 14% in the midst of a violent sell-off. Following plummeting as much as 17 percent on Friday, LUNA is currently down 22.74% over the last week. The latest price drop is a result of the Wonderland saga’s rippling impact.
Dogecoin & Terra
Dogecoin is a lightweight meme-based cryptocurrency that was launched as an alternative to traditional cryptocurrencies such as Bitcoin. It was the first-ever meme coin and the first dog coin. Whereas, Terra is a blockchain platform attached against the traditional fiat currencies, and is an open-source platform for algorithmic stablecoins.
According to a news website, Daniele Sestagalli, the contentious reserve fund protocol’s co-founder, slammed the lid on the contentious decentralized financial project despite the majority of the audience choosing to keep it going. After it had been revealed that Wonderland was operated by notorious felon Michael Patryn, who also co-founded the problematic QuadrigaCX exchange platform, it came into scrutiny.
ALSO READ – MEME COIN PUSHED CRYPTO TO MAINSTREAM: LITECOIN’S FOUNDER
Frogs In The Cryptocurrency Community
Despite the fact that the initial project seems to be defunct, frogs in society have proposed Wonderland 2.0, a new iteration of the initiative with a modified DAO architecture. It has been suggested by some that incorporating Wonderland and Abracadabra, another DeFi initiative in the Frog Nation, however, it is doubtful to happen.
The value of the LUNA token was substantially impacted by the collapse of scandal-ridden Wonderland because it is feasible to stake the TerraUSD (UST) stablecoin by leasing out Abracadabra’s Magic Internet Money (MIM) stablecoin.
The diminishing resources of the flagship Anchor protocol, which provides a constant 20% interest rate, were also related to LUNA’s bearish run. Do Kwon, co-founder of Terraform Labs, minimized the situation whilst simultaneously revealing a strategy to address the depleting issue with an emergency cash infusion.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
