– The Terra (LUNA) price has fallen to an all-time low of $2.70, despite founder Do Kwons proposal to fix the UST peg.
– The token slumped 91% in the past 24 hours, with losses showing no signs of slowing.
– LUNAs price crash saw it tumble from the top-10 cryptos to the 43rd place.
– The proposal from Do Kwon came after rescue measures from LUNA Foundation Guard (LFG), which oversees the UST stablecoin, appeared to have largely failed.
– The LFG had attempted to raise over $1 billion from investors.
– Some reports suggested LFGs proposal to raise more than $1 billion in capital from Jump Crypto, Celsius, Jane Street, and Almeda has failed.
– After the funding failed, Do Kwon said in a tweet that the only way is to absorb the stablecoin supply that wants to exit before UST can start to repeg.
– The Terra (LUNA) price could possibly dive lower as the proposals from Do Kwon and the LFG have failed to support the Terra economy and USTs peg with the US dollar.