Terra LUNA, along with UST almost at their ends.
Price of LUNA crumbled down to 99.69%.
Will the Founder’s mitigation plan come to aid?.
The time and world are highly unpredictable and so is the cryptocurrency industry and market too. With the currently ongoing crypto market crash for almost more than a week, talks were all on rounds, with many speculations and emotions.
Firstly, all started off with the big daddy of crypto, the Bitcoin (BTC) dropping down by more than 16%, ever since the Federal Reserves announced the hike of taxes on crypto and especially, BTC. However, for the past two days, one particular platform, and its native token and its very own so-called ‘stablecoin’, have taken the spotlight.
The Terra Downfall
The Terra platform’s native token, LUNA and its pegged stablecoin the TerraUSD (UST) are currently in the limelight. And so, the turn of events that took place for the past 24 hours, ought to directly go into the history records of the cryptocurrency industry forever.
Both LUNA and UST have been dropping dead down like anything. As both are mutually dependent on each other, owing to the fact UST is backed up by LUNA. Currently, LUNA has slumped down near to dead to the price of $0.0145.
From trading at a price of more than $87 since the start of the month, the past 24 hours alone LUNA has dropped by a staggering 99.69%. On the other hand, the UST meant to be a stablecoin has dropped down from $1 to $0.30, within just 24 hours. Currently, UST is at the price of $0.48, with the graphs still down by 2.30%, for the past 24 hours.
In spite of all this, the founder of Terra, Do Kwon has certain mitigation plans rolled up his sleeves to bring back LUNA and UST from the dead. Accordingly, Kwon is said to buy $10 Billion worth BTC, to support the fall of LUNA.
Moreover, certain talks are going on with whale investors to levitate LUNA back.