Do Kwon has urged holders of LUNA to “keep sturdy,” as the value strikes ever nearer to zero. Following the UST stablecoin shedding parity with USD, costs have plunged, falling to a brand new low this morning.
LUNA, UST Tumble Towards Zero
As of writing, LUNA/USD is buying and selling at $5.45, which is marginally larger than its earlier low of $4.21.
To place issues in perspective, costs are down practically 90% from yesterday’s peak of $34.28, and solely seven days faraway from it buying and selling at a excessive of $88.40.
Following a quick rally within the aftermath of it shedding greenback parity, UST additionally moved in direction of zero, hitting a backside of $0.2998 earlier at present.
This got here lower than 24 hours after it was buying and selling at $0.9486, nonetheless markets panicked at an absence of communication from LUNA founder Do Kwon, who was stated to be engaged on a “restoration plan.”
Though some are nonetheless assured within the premise of algorithmic stablecoins, it’s but to be seen if UST will survive lengthy sufficient to be part of any future developments.
Kwon lastly offered a extra substantial update to the Terra group only in the near past, noting:
I perceive the final 72 hours have been extraordinarily robust on all of you – know that I’m resolved to work with each one among you to climate this disaster, and we are going to construct our method out of this.
The LUNA founder stated of UST that “Earlier than the rest, the one path ahead will probably be to soak up the stablecoin provide that wishes to exit earlier than UST can begin to repeg.” Kwon then offered some technical prospects for lowering “the provision overhang of UST.”
Do you suppose LUNA and UST can come again after confidence has been shaken by this huge crash? Tell us within the feedback part beneath.
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