A woman using her mobile phone is reflected on an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul, South Korea, on Jan 11, 2018.SEOUL — Reckoning they have little to lose with prices so ridiculously low, South Korean speculators in recent days have piled into Luna, a cryptocurrency that lost 99.99 per cent of its value last week after its paired stablecoin TerraUSD collapsed.
Worth nearly $100 in late April, Luna is now trading at a fraction of one cent — so low that there has been a rush of buying from speculators betting that it will stage a miraculous recovery, with some clinging to the belief that it is just too big to be allowed to fail. The number of investors in the failed cryptocurrency rose more than 50 per cent in just over two days at South Korea's major exchanges to stand at 280,000 as of May 15, according to a source at the FSC who, as is customary for South Korean bureaucrats, declined to be named.
The buying has had little affect on the token's price. It has spent the past week flopping between one-hundredth and four-hundredths of a cent. Unlike most other major stable coins which are backed by other assets, TerraUSD's value is derived by complex algorithmic processes, linked to its paired token Luna, which is free floating.
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