LUNA/ UST Crash Goes Deeper
Friends, the moment I am writing this post, TerraUSD (UST) is down to $0.4594 which is down by more than 49% in 24 hours so far. The sister token Luna has plunged about 86.43% and is now presently pricing around $4.
TerraUSD to USD Chart For 7 Days
TerraUSD to USD Chart
Coinmarketcap.
Frustrating scenes to see for the token holders of Luna and UST. UST was meant to maintain a $1 peg, but the way it has crashed is not a good sign. We might see it's price recover but the damage it has taken, may take some time to recover.
Stablecoins are meant to providing a sound store of value as other cryptocurrencies are volatile. For the sake of attaining stability and adjusting the supply of UST, the system was minting and burning tokens. But it is believed that UST has now crashed because of the sell-off in the cryptos.
On may 10, Do Kwon, who is the creator of the coin, tweeted:
But it gets even worse to see the crash goes deeper.
Not to forget, UST has just become a major player in the crypto economy with the circulating supply of around 16 billion tokens.
Those crypto investors outside of Hive ecosystem, looking for investing in stablecoins, I would suggest to do look at Hive Backed Dollar (HBD) and the utilities it is offering.
Not a financial advice.
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Been a crazy situation to watch. I've never held any Luna, but I considered it several times.
Don't know whether or not it will ever recover, but I basically don't think so.
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Seems like the crash has already caused some distrust :D
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I have it does cause lots of people that have invested in this coin
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Pretty wild to watch this in real time. The recovery plan looks... Odd.
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Seems like he was working on the recovery plan and this happened in the meantime.
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I thought Tether would nuke cryptos, but UST got there first!
Lol
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LUNA is really selling,I believe now is the best time to buy again in the market.
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What if it crashes?
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It will not
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I think the biggest problem is that they don't have the funds to keep the peg up. It's like a downward spiral loop without any pausing because the conversion mechanism is instantaneous.
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Maybe
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Agreed hbd is nice option
Luna and ust have put me in deep Red 😹
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lol
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This is a real sad sight to see. But a lesson worth learning from if this space is going to grow. My observation is the crypto space has something woven in it deep. That pushes away how things have to be done. Organic and projects that benefit everyone soar inthis space
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What's even worst is that it is still bleeding badly..
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