Do Kwon urged holders of LUNA to “stay strong” as prices get closer to zero. Prices plunged to new lows this morning after the UST stablecoin lost parity with the U.S. dollar.
LUNA, UST fall to zero
At press time, LUNA/USD was trading at $5.45, just above its earlier low of $4.21.
In the longer term, the price is down nearly 90% from yesterday’s high of $34.28 and is only seven days away from the high of $88.40.
UST is also trending towards zero after a brief rebound after a dip in dollar parity, hitting a bottom at $0.2998 earlier today.
This comes less than 24 hours after trading at $0.9486, but the market is panicking over a lack of communication from LUNA founder Do Kwon, who is said to be working on a “recovery plan.”
While some remain confident in the premise of algorithmic stablecoins, it remains to be seen whether UST will survive long enough to be part of any future development.
Right finally provides a more fulfilling renew Just recently the Terra community noticed:
I know the last 72 hours have been very difficult for all of you – knowing that I am determined to get through this crisis with each of you, and we will build our own way out.
The LUNA founder said of UST: “First, the only way out is to absorb the stablecoin supply that previously wanted to exit American University of Science and Technology You can start repeating. Kwon then offered some technical prospects for reducing the “oversupply of UST.”
Do you think LUNA and UST can come back after this massive crash shook confidence? Let us know in the comments section below.
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