Terra (LUNA) and (BNB) coins experienced tremendous losses in the past week. The crypto community were taken by surprise at the sudden and extreme fall of Terra. Of course, no one was expecting this to happen. On the other hand, Chronoly (CRNO), a reasonably new token currently in pre-sale phase one, despite the bear market is seeing a successful sale with 32 million tokens sold since its presale started on May 4, 2022.
Terra (LUNA) Fall
The collapse of Terra (LUNA) UST stable coin and governance token LUNA emerged as the biggest story of the craziest week in crypto history. Previously a top 10 coin by market cap, Terra (LUNA) plunged 100 percent to a fraction of a cent during the crash, while UST, which was meant to remain pegged at $1, bottomed out at 13 cents. Several factors were at work. The first is Terra and its stable coin’s mechanism. The second was widespread panic. Many investors, who may have been utterly unaware of why the stable coin was dropping, fled at the first whiff of a de-pegging.
Swapping and burning UST for Terra (LUNA) resulted in additional LUNA being minted, diluting the supply and lowering the price of this token. Furthermore, as the price of LUNA falls, anytime you exchange 1 UST for $1 worth of Terra (LUNA), you will need more and more LUNA to reach that $1 mark (which means minting even more LUNA). At some point, the price of LUNA might drop so low that there simply isn’t enough liquidity to offer an escape hatch for all of the UST flowing in. But more on that in a minute. Over the weekend, UST fell by less than $0.02 as Anchor employees swooped in and started trading UST for any other stable coin, such as Tether’s USDT or Circle’s USDC. Eventually, the pool that permitted these trades (named the “UST + 3Crv” pool, which included all of the main stable coins) became unbalanced, meaning there was considerably more UST in the pool than the other stable coins.
Binance Coin (BNB) Sees A Big Drop
Binance (BNB) has developed an entire ecosystem of functionalities for its consumers and is the biggest cryptocurrency exchange globally. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Research projects, and Trust Wallet, which all use blockchain technology to provide new-age finance. In addition, BNB is successful in the smooth operation of several Binance sub-projects.
The last 7 days were not better for BNB as well as the price fell to 217$ on 12-05-2022. No doubt the price has been gaining its strength, but the buying is not as strong as the selling was. BNB is now trading as of 19th of May at $295.21.
Chronoly CRNO Token Rallies
Meanwhile, Chronoly (CRNO) is a lesser-known cryptocurrency that has sold over 9.5 million tokens since its launch on May 4th. Analysts worldwide predict over a 500% increase during pre-sale in the dynamic pricing of the Chronoly (CRNO) token. The date was also fascinating for numerous NFT projects, including Yuga Labs. With steady pricing, Chronoly (CRNO) might assist bulls in mitigating any potential loss in the value of their portfolio. Chronoly (CRNO) works on a stock-oriented system that maintains a steady value for the fragments and tokens it offers. This may then be exchanged for real world items such as premium and luxurious watches from Rolex and other brands. In other words, it gives a golden opportunity for crypto investors to preserve their assets and mitigate losses with valuable real-world items. Chronoly (CRNO) will exhibit a fantastic and bullish moment if its trajectory continues. Its price is just $0.01, and investors have been rushing to participate in this world’s first unique initiative in the first round of its presale before the price soon increases.
For more information about Chronoly presale:
Presale: https://presale.chronoly.io/register
Website: https://chronoly.io/
Telegram: https://t.me/Chronolyio
Twitter: https://twitter.com/Chronolyio
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