Luna Foundation Guard (LFG), which has achieved whale status with the amount of Bitcoins (BTC) it has purchased, has now been allegedly selling its Avalanche (AVAX) tokens. Cryptocurrency analyst Bozokcoin, who is closely followed in Turkey, drew attention to the issue. Here are the details…
LFG was in the process of building up BTC reserves
Controversial algorithmic stablecoin TerraUSD (UST) (after warning of serious “fluctuation” this week) is more stable than dollar. Bitcoin and cryptocurrency markets fell sharply after the slump. Bitcoin price slumped to $30,000 per Bitcoin after falling below the closely watched level earlier this week. Ethereum and its biggest rivals BNB, ADA, SOL also fell. As we reported on Kriptokoin.com , Terra’s UST, a cryptocurrency designed to support one-to-one pegging to the US dollar, nearly valued its value last week as traders sold the LUNA cryptocurrency, another altcoin of the ecosystem. lost 90 percent of it.
, the largest algorithmic stablecoin by market cap, had a market cap of approximately $18 billion last week. It started losing its peg against the dollar on Saturday and fell as low as 60 cents on Monday. It dropped to around 30 cents this morning. Luna Foundation Guard, a group created to support UST dollar pegging, said it will defend its price by selling $3 billion in Bitcoin reserves. The Luna Foundation Guard was in the process of creating $10 billion in Bitcoin-based crypto reserves when the collapse occurred.
Bitcoin whale LFG sold AVAX?
Meanwhile, Bozokcoin, which is followed by a large community on Twitter, stated that the rumors about Luna Foundation Guard selling Avalanche (AVAX) stopped. The analyst’s tweet is as follows:
The LUNA foundation is said to have sold $22.25 million worth of Avalanche (AVAX).
There was no official statement from either project on this issue. At the time of writing, LUNA is changing hands at $3.71, down 87 percent. AVAX, on the other hand, is at $ 40.19 with a decrease of 14 percent.
