UST debacle pulls Terra (LUNA) from $80 to $0.024 in a week: here’s where to buy LUNA
Following the Terra’s TerraUSD (UST) stablecoin misfortunes after it de-pegged from the US Dollar, the price of LUNA, which is Terra’s native token, has crashed from above $80 to about $0.023. The fiasco surrounding the UST has sent shock waves across the entire crypto market and specifically the algorithmic stablecoins.
Following the UST de-pegging, the co-founder of Terraform Labs, Do Kwon, announced a “recovery plan” in a series of tweets, saying the company would seek additional outside funding and “rebuild” TerraUSD so that it is collateralized.
Today, in the evening, the Terra blockchain was officially halted at a block height of 7603700 to prevent governance attacks following severe LUNA token inflation and a significantly reduced cost of attack.
To help investors and traders who want to take advantage of the current Terra (LUNA) dip by purchasing it at its current low price, Coinjournal has created a brief article to help with identifying the best places to buy it.
To find out more, please continue reading.
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What is LUNA?
LUNA is the native cryptocurrency of the Terra blockchain.
The Terra blockchain uses fiat-pegged stablecoins to power a stable global payment system. In a nutshell, Terra leverages the stability of Fiat currencies and the decentralized nature of Bitcoin (BTC) to offer fast affordable settlements using stablecoins.
Besides its recently released native stablecoin, TerraUSD (UST), a number of other stablecoins pegged on the US Dollar, the South Korean Won, the Mongolian tugrik, and the International Monetary Fund’s Special Drawing Rights basket of currencies have been developed and deployed using Terra blockchain
Besides LUNA being used as a stabilizer of the various stablecoins developed via Terra, LUNA holders can also vote on Terra governance proposals.
Should I buy the LUNA coin today?
If you are looking for a cryptocurrency that has taken a massive dive over the past few days, then LUNA could be a good choice.
Despite the coin offering a great opportunity if it recovers, it is still not clear how far the price of LUNA will go. The coin has been dropping by almost 100% every day in the past four days.
LUNA price prediction
There are fears that the price of LUNA could slide below $0.01 before attempting a comeback, which would require a lot of work from the team behind the project as they actualize the proposed “recovery plan.”
Terra social media coverage
The Terra blockchain has resumed block production.
Delegations are disabled now that the chain is live with the new code merge.
Validators, please check the Discord announcements for the latest patch notes. https://t.co/CGQgfMDWQe
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022
1/ The prevailing peg pressure on $UST from its current supply overhang is rendering severe dilution of $LUNA.
The primary obstacle is expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads.
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022
The post UST debacle pulls Terra (LUNA) from $80 to $0.024 in a week: here’s where to buy LUNA appeared first on Coin Journal.
