$SOL #TradingPsychology Another major crash in crypto, the OM coin dropped from $6 to zero point something within an hour yesterday.
The reason for this was the suspicious activities of its team, which led many people to suddenly start withdrawing their money, causing this coin to lose a volume of five billion dollars and drop down to a few million dollars.
Previously, in 2022, there was a significant crash of the Luna coin, where it fell from 116$ to a straight 0.00008$ . The reason was its own stable dollar, which was pegged to Luna. When the price of this dollar fell, the algorithm attempted to stabilize it by creating more Luna coins, resulting in the creation of 6.5 trillion Luna from 380 million.
This crash was so terrifying that it caused the entire crypto market to collapse, and even the value of Bitcoin halved. Overall, due to the crash of the Luna coin, an investment worth sixty billion dollars was lost from the market forever
The reason for this was the suspicious activities of its team, which led many people to suddenly start withdrawing their money, causing this coin to lose a volume of five billion dollars and drop down to a few million dollars.
Previously, in 2022, there was a significant crash of the Luna coin, where it fell from 116$ to a straight 0.00008$ . The reason was its own stable dollar, which was pegged to Luna. When the price of this dollar fell, the algorithm attempted to stabilize it by creating more Luna coins, resulting in the creation of 6.5 trillion Luna from 380 million.
This crash was so terrifying that it caused the entire crypto market to collapse, and even the value of Bitcoin halved. Overall, due to the crash of the Luna coin, an investment worth sixty billion dollars was lost from the market forever