Do Kwon has urged holders of LUNA to “stay strong,” as the price moves ever closer to zero. Prices plunged following the USD losing parity to UST, and have fallen to a new low today.
LUNA and UST Turn Toward Zero
As of the writing of this article, LUNA/USD was trading at $5.45. That is marginally more than its previous low of $4.21.
To put things in perspective, prices are down nearly 90% from yesterday’s peak of $34.28, and only seven days removed from it trading at a high of $88.40.
After a quick rally following the loss of dollar parity in September, UST also moved towards Zero, reaching a lowest of $0.2998 this morning.
This came less than 24 hours after it was trading at $0.9486, however markets panicked at a lack of communication from LUNA founder Do Kwon, who was said to be working on a “recovery plan.”
Some still believe in algorithmic stablecoins but it remains to be seen if UST can survive and be a part any future developments.
Kwon has finally offered a greater amount updateThe Terra community recently noted:
I understand the last 72 hours have been extremely tough on all of you – know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this.
The LUNA founder said of UST that “The only way forward is to first absorb any stablecoin supplies that want to leave before UST can start to repeg.” Kwon then provided some technical prospects for decreasing “the supply overhang of UST.”
Are you positive that UST and LUNA can be re-established after this huge crash has shaken confidence? Please leave your comments below.
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