Sunday, October 2, 2022

LUNA, UST Move Closer to Zero, as Do Kwon Asks Holders to ‘Stay Strong’


Do Kwon has urged holders of LUNA to “keep robust,” as the worth 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 increased than its […]

Do Kwon has urged holders of LUNA to “keep robust,” as the worth 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 increased 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 short rally within the aftermath of it shedding greenback parity, UST additionally moved in the 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 a scarcity of communication from LUNA founder Do Kwon, who was mentioned to be engaged on a “restoration plan.”

LUNA, UST Move Closer to Zero, as Do Kwon Asks Holders to 'Stay Strong'

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 supplied 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’ll construct our method out of this.

The LUNA founder mentioned of UST that “Earlier than anything, the one path ahead shall be to soak up the stablecoin provide that desires to exit earlier than UST can begin to repeg.” Kwon then supplied some technical prospects for lowering “the availability overhang of UST.”

Do you assume 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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