Why is LUNA crashing so hard? I have my entire portfolio in it

It is indeed oversold now, main factors are FUD over the aforementioned incident combined with the markets/crypto taking a big hit starting with the fed announcement of the announcement followed by more dovish comments last week, plus general FUD over Anchor being a "ponzi," and lastly some supposed coordinated effort to short LUNA organized by Polish factory owners but I'm pretty sure that's just a meme.

i believe its the only reason yes

and it might be oversold at this point, nothing has happened yet so you know it could bounce like avax and sol did after they had issues

I'll add that UST adoption has already escalated by over 1 billion in one month, and more projects are on the way so I wouldn't worry too much about it bouncing back in a couple months. Also LUNA is continuing to burn and the 50 million LUNA allocated to LFG did artificially increase the liquid circulating supply, so I would bet TFL is waiting for an opportune moment when the market starts to recover to initiate a massive pump and once again stimulate UST adoption.

avax dumped hard after the meme bug, sol kept pumping regardless on the countless issues

It all depend on the whales desu, some whales are more prone to trading their stack and swing it than others, hopefully LUNA whales are like sol whales

It's at the price I sold my stack

Yes. Only reason it’s dumping harder than other alts at least. Be patient, if the market recovers, Luna will follow.

Are you guys for real, you're completely overlooking the fact that Terra/Luna is a shitty algostable that is basically just Iron Finance with a blockchain stapled on. It's had a massive surge in TVL due to the aforementioned sketchy as fuck MIM involvement combined with Anchor offering unsustainable interest rates for lending a stablecoin. Unfortunately for everyone caught up in dreams of making it big on their Luna the bear market is looming and it's going to absolutely curbstomp this shitty ecosystem flat.

>Anchor reserve runs dry because there's way more lending demand than borrowing demand and the reserve used to sustain the interest rates is finite and running out fast
>Lending interest hits to sustainable levels aka dogshit levels
>People see better gambles to be made elsewhere, pull UST out of Anchor to swap to some other shitcoin
>Massive drop in demand for UST, engage burn protocols, minting LUNA in the process
>As the price of LUNA falls, swapping UST for LUNA means users are receiving more and more LUNA each time, which they're then immediately dumping since their entire goal is to exit entirely, causing exponential devaluation
>dead cats as retards think they keep catching the falling knives, combined with the whales who bonded their LUNA shilling the fuck out of it to try and find themselves some exit liquidity after they finish unbonding

This is just the inherent fuckup that is Terra/Luna itself, without even touching on how interwoven it is with MIM. The fact that a significant chunk of UST demand comes solely from MIM fuckery, which will collapse because it's 25% backed by UST, which hey fun fact TFL turned off the bridge that allows MIM's backing UST to be retrieved from Anchor, meaning that if there was a bankrun MIM would crumple...

Have I made myself clear?

I should have shorted it

You're conflating the recent scandal with price movement which is largely due to macro factors. Degenbox was representative of what, 10% of the UST in Anchor? UST adoption has slowed in the past several days, but is nevertheless continuing to trickle in. I won't discount the possibility of something like that happening, but at the moment it simply doesn't align with the metrics. And I don't think people will behave the way you're suggesting either, the ecosystem gets more lucrative the more pressure is exerted on it. Liquidations to slurp on Kujira Orca, increased staking returns, cheap bLuna, etc. Whether you think it'll collapse is how you perceive human nature I suppose. And human nature is greed. Terra is built on that principle.

you could pull out to a stablecoin but if you won't get liquidated then I suggest a long term hold or staking. currently on a subsquid quest, amazing indexing solutions that's helped dapps prepare for web 3.0

Anti Korean racism

Take a step back and think about what happened in 2021. How high did Luna run? A lot of people made eye watering gains and took profits. This means that most people still holding Luna are close to break even or underwater. As new buyers come in these trapped sellers are desperate and sell at every pump.

Its too late now, but the time to dump Luna has already passed. I would just hodl(If you are a believer) and wait for the chart to clear up, but this might take a while.

Sub $30 Ill be bidding