UST and LUNA completely collapsed this morning
The UST course was in trouble this week, however it is currently in a catastrophic collapse launched on 9 May:
UST, Terra’s stable, falls 30% and its ecosystem threatened:
“70 cents was the sign that must be tied to the dollar price”
– BFM Business (@bfmbusiness) May 10, 2022
While stablecoin is still believed to be worth UST dollars, it reached $ 0.22 a few minutes ago. A huge, unprecedented fall for a stable base of this size:
Figure 1: Vertiginous fall of the UST stablecoin in the morning
On Twitter, stablecoin creator Don Kwon made efforts to reassure the public. Since yesterday, it promises that a solution is being developed for the UST to regain parity with the dollar:
Close announce your recovery plan for US $. Hang tight.
– Dean Kwon 🌕 (@stablekwon) May 10, 2022
But we have not heard from this solution for 8 hours. In addition, it is of course doubtful whether a technical solution will be feasible to compensate for the damage done to the project’s reputation. which has just fallen before the eyes of investors.
👉 Find out more about the Terra project (LUNA) and the UST decentralized stable
A project that is falling out live
Because the price of LUNA, the Terra project’s other cryptocurrency, is also logically affected. The token has been removed from the top 10 most capitalized crypto-assets at the moment. In the last 24 hours, it has lost -89%. A huge drop, which makes it reach rank 33 in the ranking, at the time of writing these lines.
Figure 2: LUNA loses almost -90% in one day
With investors’ eyes glued to the price charts, it’s no surprise how can such a big project survive. We will return to this topic today, with a thorough analysis of the causes of this case. Meanwhile, UST and LUNA seem to continue to fall. Where will they stop?
👉 Back to the facts – Luna Foundation Guard (LFG) to lend $ 1.5 billion in Bitcoin (BTC) to keep UST stable
Chart Sources: Figure 1: TradingView (UST / USDT) Figure 2: TradingView (LUNA / USDT)
Get a crypto news feed every Sunday 👌 And that’s it.