Skip to the content
- The price of Terra (LUNA) has plunged more than 14% over the last 24 hours, becoming the worst-performing cryptocurrency among major altcoins.
- It is now close to dropping below Terras native UST stablecoin. The two cryptocurrencies are currently valued at $21.9 billion and $18.9 billion.
- On Saturday, Terra briefly lost its peg after someone dumped $300 million worth of UST tokens on Curve and Binance.
- DeFi expert Route 2 Fi (@Route2FI) is convinced that the peg will be restored since theres enough money in the system to back it up.
- Some LUNAtics believe that it was a coordinated attack that was orchestrated by a single player in order to cause damage to the popular blockchain project.
- Do Kwon, co-founder of Terra, dismissed these concerns on Twitter, claiming that he loves chaos.
- Terra also recently moved to add Bitcoin reserves in order to ensure the stability of the stablecoin during market turmoil.
- Earlier this week, Luna Foundation Guard (LFG) announced another $1.5 billion Bitcoin purchase, but it failed to move the market.