What is Wrapped Luna and why has the price of WLUNA dropped?

In the midst of the Moon’s crash of repentance and speculation about the Moon’s recovery, another cryptocurrency token is called The moon turns has stated in the titles of the financial market.

Billed as an ERC-20 token created to restore the Moon’s value, the regrettable cryptocurrency crash has affected its value and price. Tanto Luna as Wrapped Luna now costs less than $ 0.01.

Let’s take a look at what a Wrapped Luna token is and how the Earth’s repentant collapse affected the price.

What is the recurring moon?

Wrapped Luna is an Ethereum token created to represent Luna in the Ethereum blockchain. It is a separate ERC-20 token designed to restore the value of Terra Luna.

Wrapped Luna was also created to enable Luna holders to trade, maintain and participate in decentralized financial dApps in Ethereum. Users can also exchange WLUNA with Luna through a WLUNA partner and vice versa.

The concept of returned tokens can be described in more detail as the tokenized form of another currency, generally based on the value of the asset it represents. These tokens can be deleted or “undone” by users at any time.

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Return of Moon price ranges

The recent collapse of Luna’s price has also affected the price of WLUNA, which at the time of release stands at $ 0.0002. Since Wrapped Luna is up to Luna’s value, the immediate fall in price has also affected the price of WLUNA, which has fallen by 99.9%.

Wrapped Luna has a historical maximum of $ 268, which was raised in November 2021 before the collapse of the Earth’s ecosystem.

Although alternative Luna eliminations such as Binance occur after the blockade, Wrapped Luna is still available in many places. In fact, Coinbase, which is not compatible with Luna, still allows users to purchase Wrapped Luna.

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