- Luna and stablecoin UST dropped its price to more than -100%
- Terraform Labs founder Do Kwon released a recovery plan
- LUNA and UST maintain top 50 positions in CoinGecko
Decentralized payment network Luna and stablecoin UST shocked the crypto community after dropping its price to more than -100%. The price drop was witnessed in all exchanges where these cryptos are listed. LUNA plunged its price to as low as $.69 per crypto while UST recorded a decline trading price of $.22. This price tally is based on the charts provided by the Binance exchange.
The price crash of LUNA and UST spread like wildfire in the crypto Twitter community. It gathered different reactions and emotions in the space. Hence, FUD and FOMO among the network’s community are on a high level.
This made Do Kwon, the founder of Terraform Labs release a recovery plan in a tweet post,
Meanwhile, the chaos that the market is experiencing right now is not a new thing for seasoned investors and traders in the space. In fact, this crypto bloodbath gives some investors a window to strategize their portfolios and holdings. However, it is still recommended to do in-depth research prior to diving into the volatile world of cryptocurrency. This way, the unexpected loss can be avoided while enjoying the market potential. So, is it time to buy or not?
In other news, cryptocurrency exchange Gemini made its position clear amid allegations circulating that it was part of a scheme made by high-profile investment companies to exploit Terra (LUNA) and TerraUSD (UST).
At the time of writing, LUNA trades at a low price of $1.32 with a market cap of more than $1.8 billion. On the other hand, the UST stablecoin managed to pull itself out of its bearish position, which resulted in a trading price of $.66.
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