Terra (LUNA) Plunges 14% as UST Briefly Loses Its Peg

  • 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.
14659 Terra (LUNA) Plunges 14% as UST Briefly Loses Its Peg
Terra (LUNA) Plunges 14% as UST Briefly Loses Its Peg 2

Leave a Reply