Why does the end of the Terra LUNA project mean the end of cryptocurrency projects as a whole?

Today, the LUNA project is experiencing one of the worst periods in its history as a whole. The project decreased by approximately 99% after its price fell from $83 to $0.08 in less than 48 hours. This major change in the LUNA currency has caused many to lose confidence in crypto projects in general.

Why would the failure of the LUNA project mean the end of Cyptocurrency services and projects in general? 1 - The Terra LUNA project is not a Squid Game currency or one of the Shit Coins. We are not talking here about cryptocurrencies made by amateurs, or cryptocurrencies that do not actually provide any good service in the blockchain network. We're talking about an entire blockchain-based project with breakthrough aspirations.

It aims to maintain stablecoin circulation in the market. This is why the collapse of LUNA currently has also led to the collapse of some stablecoin currencies such as USDT and USDC. The collapse of this project means that other crypto projects are exposed to the same threat, and that their cryptocurrencies and digital currencies may not be safe.

The only thing that separates an honest currency like Bitcoin from Memecoin is the project and the way it works. And LUNA proved to us today that even this means nothing. 2 - The collapse of LUNA will bring to mind the permanent idea: Bitcoin is just a bubble. The collapse of Luna is not only related to the collapse of the currency or the project itself.

But in the world of cryptocurrencies as a whole. The collapse of the Terra LUNA project will remind investors and certainly haters of cryptocurrencies that cryptocurrencies are really just a bubble. And LUNA is the beginning of the bursting of this bubble.

Like every other blockchain project from Bitcoin to Ethereum and all other cryptocurrencies, it will explode whether today, tomorrow, in a year or in a decade. 3 - Blockchain projects are not safe and achieving Web 3.0 is becoming more and more difficult. Many consider Web 3.0 to be the ideal solution to the problems that the Internet is currently suffering from, including privacy problems, data theft, and the greed of companies such as Google and Facebook. Web 3.0 is about many projects active on different blockchain networks.

If these projects, like the Terra project, are unstable and full of problems, then this is the case with all other competing projects. This puts an end to Web 3.0 and makes it more difficult to advance. 4 - If LUNA collapses, this will reinforce the ideas of major investors who hate cryptocurrencies, from Warren Buffett to the CEO of JP Morgan and even Bill Gates.

They were all against the idea of ​​cryptocurrencies, and they all saw cryptocurrencies as somewhat of a scam. Or as Warren Buffett said, it does not provide any actual production services, and is based only on buying and selling operations. The collapse of LUNA will now give this category of people more courage to tell people about the difficulties of cryptocurrencies, and will encourage them to stay away from them, and powerful projects in the blockchain may begin to collapse little by little.

5 - As for the worst... What happened to the Terra project could happen to Bitcoin. What happened to the LUNA project could happen to Bitcoin, Ethereum, Cardano, or any other blockchain project. This means, in the event of the collapse of this project, expect a sharp and completely unexpected decline in the rest of the projects due to the large sales that will take place in the blockchain network, Ethereum, and other blockchain sports services. Indeed, other projects similar to TERRA may collapse, such as the SOLANA project or the STEPN project, which in turn is currently suffering from the same thing that is happening with LUNA, but in a less gentle way.

Therefore, the blockchain world, which is filled with millions of cryptocurrencies, may turn into a world filled with only thousands or even hundreds.