LUNA
The Luna Foundation Guard which oversees UST has also moved to hold Bitcoin worth billions of dollars as collateral for the stablecoin in recent months. The LUNA market cap has also dropped by 74.
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The stablecoins value plunged to as low as 30 cents this week before recovering slightly to about 60 cents on Thursday.
. The crypto market has lost more than 2 of its value in the last 24 hours and the total market cap now stands below 15 trillion. The price of the Terra LUNA cryptocurrency has fallen by more than 99 per cent wiping out the fortunes of crypto investors. And all of this has set the stage for a rather nasty situation where a depeg of the UST stablecoin could send shockwaves through the entire crypto ecosystem.
1 day agoLUNA is in free fall as it sheds almost 98 of its price in 24 hours spreading fear and uncertainty in the market and among investors. TerraUSDUST which was the third-largest stablecoin. Nearly two months ago Kwon agreed to a 1 million bet against a community member Sensei Algod whether LUNAs.
LUNA which depends on TerraUSD dived from 87 to the press price of 45 in less than a week. The bearish sentiment in the market grows ticker as the market lost over 100 billion in the last 24 hours. But the crash led to the near-total collapse of TerraUSDs sister.
From a 24-hour high of 3271 LUNA dropped below 1 and hit 008384 as per the data by CoinMarketCap. The majority of the losses were. 2 days agoLuna has plummeted from a price of 5436 early on Monday to 371 at the time of this writing.
This may not be the best time to recall the bet placed by the outspoken founder of Terraforms Labs Do Kwon. Needless to say people have lost a lot of. Terra which ranked among the top 10 most valuable cryptocurrencies dropped below 1 on Wednesday having peaked close to 120 last month.
LUNA is one of the worst performers amongst the major cryptocurrencies by market cap.
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