It all started with LUNA depegging and no FIAT guarantee for UST.
New investors still seem to want LUNA to ATH prices, but due to irreversible problems, Luna prices continue to fall due to the loss of confidence of other Investors in this coin. we can see how this project will continue, because it's all a choice, the Luna ecosystem continues to be developed and several developers will learn from that experience.
Although Luna continues to make developments, it seems that investors are still studying further about these developments because there may still be many who are hesitant to re-enter this project, especially since there are some rumors of regulation of this project by the local government, so if you want to return to a project that has failed then think again.