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As the downturn worsens, Terra (LUNA) loses ground against Dogecoin (DOGE)

The Crypto Market and community were startled when Terra (LUNA) has proceeded to plunge even more, despite the fact that the crypto market's instability is beginning to relax its vice-like grasp. Terra (LUNA) has lost 8% in the previous 24 hours, putting its weekly losses at 35%.

Terra Experiences a Setback

LUNA has dropped 45 percent of its value in the previous month, falling from highs of $93.79 to $46.559 at the time of writing.

Terra's difficulties were exacerbated when it was uncovered that Wonderland's treasurer, 'Sifu,' was really Michael Patryn, co-founder of the now-defunct Canadian exchange 'QuadrigaCX.' The stunning announcement was followed by partner, Abracadabra, who was intimately identified with Wonderland, LUNA's value decreased by 17% over the weekend.

Terra is surpassed by Dogecoin

While Terra's (LUNA) position deteriorated dramatically over the weekend, Dogecoin (DOGE), the most popular joke currency, recovered and surpassed Terra in the market cap rankings of crypto assets as a lot of people started to buy Doge.

Terra's market worth fell to an interday low of $17.4 billion, while Dogecoin's comeback over the weekend saw its market cap start at $18.92 billion on January 31st. Due to Terra's price decline, Dogecoin momentarily overtook Terra as the 9th largest cryptocurrency by market capitalization.

Why Should You Be Concerned?

Terra's native token (LUNA) and DeFi ecosystem are both in a precarious position, and their futures may possibly hinge on Wonderland's next moves.

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