Hello, Crypto Griffin here to explain the meme.
This meme’s template is based on one of the best adult cartoons, Rick and Morty, in which Summer (the girl in the image) tells her grandfather Rick that the value of Luna has changed from 80 to zero.
On May 4, Luna was trading for around $80, but as you can see in the meme, it is now worthless as it hits zero USD. This is the outcome of Luna’s free fall during the last ten days.
- For the real story behind this meme read the following article
Terra Luna’s Value Has Dropped To Zero Dollars.
Terra Luna, previously the world’s fourth most valuable cryptocurrency, is now worthless. Meanwhile, all other cryptocurrencies have dropped, including Bitcoin and Ethereum.
Luna, a Terra Blockchain cryptocurrency, was one of the hottest coins in the game just a few weeks ago. It was one of the fourth most valued cryptocurrencies in market capitalisation. Its worth is now zero, and the Reddit community where Luna owners gathered and discussed it has pinned the suicide prevention help number to the community page. Luna’s worth has dropped to zero in the last two weeks. Essentially, all Luna supporters now hold a cryptocurrency that isn’t worth a dime.
Not only has Luna collapsed for Terra, but so has TerraUSD, which was meant to be pegged with the US Dollar at a 1:1 rate. The TerraUSD, which was worth $1 until May 9, is now worth less than 20 cents, demonstrating that in the real world, a cryptocurrency, regardless of its concept, has no tangible value and no institutional mechanism to secure whatever value it holds.
However, Luna and TerraUSD aren’t the only cryptocurrencies whose value has dropped in the recent week. While Luna has lost all of its value and is essentially worthless, practically other cryptocurrencies are in free fall.
Bitcoin, which was once worth more than $50,000, is currently worth roughly $28,000 and decreasing. The same is true for Ethereum, which has seen its value collapse by around 20% in the last 10 days. Experts predict that around $800 billion of wealth has been wiped off the cryptocurrency market as people have attempted to sell any crypto currencies they may have.
As a result, the Bitcoin communities on Reddit and around the world are currently in complete disarray. While many people desire to leave the crypto industry, some still believe in “HODL.”
Meme Credit r/GreyJedi5 from r/cryptocurrencymemes