In January 2022, the Luna token lost roughly one third of its market cap which it recovered and even increased in the following months. This development marked the continued fast growth of a cryptocurrency connected to a blockchain - Terra - that only officially launched in August 2021. Consequently, Terra (LUNA) ranked among the cryptocurrencies with the highest market caps worldwide.

Luna Innovations market cap as of June 11, 2025 is $0.01B. Luna Innovations market cap history and chart from 2010 to 2023. Market capitalization (or market value) is the most commonly used method of measuring the size of a publicly traded company and is calculated by multiplying the current stock price by the number of shares outstanding.

In May 2022, over ***** billion Terra Classic – the 1.0 version of LUNA - tokens were issued and went into active circulation in a few days. The cryptocurrency’s built-in algorithm triggered this correction following the coin’s significant price drop that month. Terra’s algorithm would "burn" (permanently destroying) LUNA so that it created something else instead: TerraUSD (UST), a stablecoin within the same blockchain. This automated system was meant to keep the price of UST level, potentially avoiding economic sentiment. Because of this initial promise of stability, Terra and its two coins initially played a significant role in crypto lending. The poster child of algorithmic stablecoins Up until May 2022, TerraUSD (UST) was the biggest stablecoin that functioned with an algorithm. At the end of April 2022, the market cap of TerraUSD – now TerraClassicUSD – was *** times larger than what it was one month later, comparable in size to Binance USD. Algorithmic stablecoins are relatively new and, as most stablecoins, have an external asset as collateral. Several of the biggest stablecoins in the world, for example, are backed by real-world U.S. dollar assets, such as cash or securities. Others – such as DAI – rely on the backing of other cryptocurrencies, such as Ethereum (ETH). TerraUSD had little to no backing, relying on a closed ecosystem. Reset or revival: The LUNA (2.0) aftermath Terra got reset on May 28, 2022: A new *** coin released – taking over the Terra (LUNA) name - whilst the "original" crypto was abandoned and became Terra Classic (LUNC). TerraUSD (UST) remained but became TerraClassicUSD (USTC). Several of the *** LUNA holders, however, hoped for a different solution, rather seeing the (***) coin’s supply be bought back by the company who issued them. The company would then burn them, hopefully restoring the price of the original LUNA. Do Kown, the CEO of the Terra system, stated his company did not have the funds for such a big undertaking. He instead shared a blockchain address on Twitter where individuals could burn their tokens themselves. By June 2022, roughly **** LUNA tokens were destroyed that way – a burn rate of roughly ***** percent compared to the overall circulating supply.

Cryptocurrency historical datasets from January 2012 (if available) to October 2021 were obtained and integrated from various sources and Application Programming Interfaces (APIs) including Yahoo Finance, Cryptodownload, CoinMarketCap, various Kaggle datasets, and multiple APIs. While these datasets used various formats of time (e.g., minutes, hours, days), in order to integrate the datasets days format was used for in this research study. The integrated cryptocurrency historical datasets for 80 cryptocurrencies including but not limited to Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Tether (USDT), Ripple (XRP), Solana (SOL), Polkadot (DOT), USD Coin (USDC), Dogecoin (DOGE), Tron (TRX), Bitcoin Cash (BCH), Litecoin (LTC), EOS (EOS), Cosmos (ATOM), Stellar (XLM), Wrapped Bitcoin (WBTC), Uniswap (UNI), Terra (LUNA), SHIBA INU (SHIB), and 60 more cryptocurrencies were uploaded in this online Mendeley data repository. Although the primary attribute of including the mentioned cryptocurrencies was the Market Capitalization, a subject matter expert i.e., a professional trader has also guided the initial selection of the cryptocurrencies by analyzing various indicators such as Relative Strength Index (RSI), Moving Average Convergence/Divergence (MACD), MYC Signals, Bollinger Bands, Fibonacci Retracement, Stochastic Oscillator and Ichimoku Cloud. The primary features of this dataset that were used as the decision-making criteria of the CLUS-MCDA II approach are Timestamps, Open, High, Low, Closed, Volume (Currency), % Change (7 days and 24 hours), Market Cap and Weighted Price values. The available excel and CSV files in this data set are just part of the integrated data and other databases, datasets and API References that was used in this study are as follows: [1] https://finance.yahoo.com/ [2] https://coinmarketcap.com/historical/ [3] https://cryptodatadownload.com/ [4] https://kaggle.com/philmohun/cryptocurrency-financial-data [5] https://kaggle.com/deepshah16/meme-cryptocurrency-historical-data [6] https://kaggle.com/sudalairajkumar/cryptocurrencypricehistory [7] https://min-api.cryptocompare.com/data/price?fsym=BTC&tsyms=USD [8] https://min-api.cryptocompare.com/ [9] https://p.nomics.com/cryptocurrency-bitcoin-api [10] https://www.coinapi.io/ [11] https://www.coingecko.com/en/api [12] https://cryptowat.ch/ [13] https://www.alphavantage.co/ This dataset is part of the CLUS-MCDA (Cluster analysis for improving Multiple Criteria Decision Analysis) and CLUS-MCDAII Project: https://aimaghsoodi.github.io/CLUSMCDA-R-Package/ https://github.com/Aimaghsoodi/CLUS-MCDA-II https://github.com/azadkavian/CLUS-MCDA

The market cap of the top 10 stablecoin initially multiplied over time, reaching a combined value of over *** billion USD in May 2025. Note this value does not include TerraUSD (UST), the algorithmic stablecoin tied to the LUNA crypto which declined severely in May 2022. Up to then, estimates reveal that the market cap had more than tripled within five months - likely following growing interest worldwide in cryptocurrencies, after sudden price spikes in a coin like Dogecoin (DOGE). Stability above all, or what does a stablecoin do? Stablecoins are cryptocurrencies - like the commonly known Bitcoin (BTC) and Ethereum (ETH) - but their value is determined differently. Whilst the price of Bitcoin mainly follows supply - how many coins are being mined or are available to purchase - and demand - how many investors want to buy the coin - stablecoins are synthetically connected to the price of an altogether different asset. Tether's USDT, for instance, is connected to the price development of the U.S. dollar (USD): if the U.S. dollar falls in the FX market, so does the USDT. Compare this to the "regular" price history of a cryptocurrency like Ripple (XRP) and stablecoins reveal themselves to be a relatively less volatile digital currency to either use or invest in than their counterparts in the free market. A test ground for digital payments This stability of these particular cryptocurrencies is important for two areas in digital payments that do not prefer volatility. For instance, these coins are a popular choice within the world of Decentralized Finance or DeFi - an online financial market without the supervision of central bank that relies on cryptocurrencies for payments and loans. Because of that reliance, it is a market that can rapidly change in size due to price fluctuations or changing transaction fees of certain cryptocurrencies - something that is less likely to occur when using stablecoins. Additionally, stablecoins are considered the inspiration for so-called CBDC or Central Bank Digital Currencies - such as China's e-CNY currency or the "digital euro" that is being researched in the EU-27. In terms of how advanced countries worldwide are into researching their own cryptocurrency, China ranked third in 2020, behind Cambodia, and The Bahamas.

The share of stablecoins within the overall crypto market was below that of Ethereum (ETH) and Bitcoin (BTC). This would mark a significant rise of the digital asset, as earlier calculations from December 2021 indicated a stablecoin market share of ***** percent. What may play a part in these figures is that "regular" cryptocurrencies such as Ethereum saw a significant decline in price between May and June 2022 - leading to their market cap to decline as well. Fiat-backed stablecoins like Tether, USD Coin and Binance USD, on the other hand, were not as impacted. That said, the crash of algorithmic stablecoin TerraUSD and its token Terra (LUNA) led to much uncertainty on whether non-fiat backed stablecoins could work.

Tether and USD Coin form the majority of the overall stablecoin market, whilst algorithmic stablecoins are but a fraction of their size. Estimates are that Tether (USDT) alone - the most well-known stablecoin pegged to the U.S. dollar - makes up nearly **** of the stablecoin market cap in June 2022. The top three of these digital assets are all connected to the performance of the U.S. dollar, with Dai (DAI) being pegged to a different cryptocurrency, its so-called governance token MKR or Maker. Algorithmic stablecoins - cryptocurrencies that do not use fiat currencies or other cryptocurrencies as their backing but instead rely on an algorithm to keep their price stable, similar to the design of TerraUSD (UST) and Terra (LUNA) - do not feature in the top five. FRAX combines elements of an algorithmic design but still contains a partial backing by collateral.

Somewhat resembling developments of Dogecoin in early 2021, the market cap of Shiba Inu (SHIB) more than tripled in only a few weeks. This rapid growth especially occurred since September 2021, with the cryptocurrency breaking the ** billion U.S. dollar barrier multiple in the following month. Whilst no exact reason was given why the memecoin grew so fast during this time, the digital currency did become available on Coinbase, one of the world's most well-known crypto exchanges, on September 17. This move, and the fact that consumers in the U.S. and the UK overall tend to invest in crypto for fun or as a potential growth investment, might explain the popularity of the dog-themed coin. Indeed, Shiba Inu ranked as the number ** cryptocurrency in the world based on market cap in late October 2021 - closely behind DeFi-affilated like Uniswap (UNI) and Terra (LUNA).

Bitcoin is edging closer to reaching its finite, maximum supply, pushing its price up and making it harder to mine. As a rule of thumb, the fewer coins available to the general audience, the higher the value of the cryptocurrency becomes. No more mining is possible when a cryptocurrency reaches its maximum supply. The market price then reflects supply and demand. Bitcoin has a set limit of 21 million coins, the last of which is to be mined around the year 2140 according to a 2017 forecast - with the assumption that the rate of Bitcoin mining halves every 4 years. Why are there so many differences in crypto supply? Cryptocurrency developers can determine whether a coin should have a fixed limit, depending on the blockchain it utilizes or monetary strategies. Ethereum has no maximum supply, meaning miners can create and indefinitely extract this cryptocurrency. This is called an inflationary cryptocurrency, one that continuously inflates the supply. The idea is that the number of tokens in circulation keeps outpacing demand, decreasing overall value. Some coins limit the release of their (indefinite) supply or even destroy (burn) tokens. Such deflationary events took place with LUNA in 2022. The appeal of low-supply cryptocurrency for investors Crypto investors tend to be on the lookout for crypto with limited supply, ideally with low levels. After a token reaches maximum supply, the argument goes, the coin's supply becomes static - miners can no longer create new coins. The demand should continue to grow. A maximum cap, they hope, guarantees value gains. Not many such coins exist. DeFi platform AAVE is an example of a cryptocurrency with a max supply smaller than *** million.

The market size of decentralized finance market size declined to less than ** billion U.S. dollars come April 2023. This is a significant change from 2021, when the size of the decentralized finance market reached heights it had not reached before. The DeFi market was especially impacted by the crash for Terra (LUNA) and its stablecoin TerraUSD (UST) in May 2022 - with uncertainty still being present in June 2022 when coins such as USDD lost their peg to the U.S. dollar. Moreover, a declining crypto market also impacts DeFi. As Ethereum is the main blockchain powering transactions for decentralized finance, price developments of this particular cryptocurrency can have a big impact. As of July 22, 2025, the market size has increased significantly to approximately ****** billion U.S. dollars.