Terra (Luna) and TerraUSD (UST) continue to suffer quite a lot as a result of the market pressure. Currently, LUNA is falling back to the $4 zone, losing around 95% of its value. The same was true for UST, which was about $0.32.
Terra (LUNA) Around $4
A few hours ago, many thought the Shiba Inu would surpass Terra (LUNA), but then something unexpected happened that LUNA dropped below $5, placing 40th on CoinMarketCap.
TerraUSD (UST) while it is trading around $0.4, Luna Foundation Guard seems unable to recover its stable despite deploying all its Bitcoin reserves.
Prior to the panic that gripped the Terra ecosystem, Terraform Labs founder and CEO Do Kwon had shared little information, claiming that he was doing everything he could to seek help and devise a recovery plan for Terraform Labs.
He invited the UST and LUNA community to be more resilient against all these negativities. However, with LUNA’s current price point, Do Kwon certainly seems to be losing out on a $11 million bet back in March.
Didn’t mean to be so quiet – needed razor focus to deliver, thanks everyone for the support.
— Do Kwon 🌕 (@stablekwon) May 10, 2022
The controversial founder of the project tweeted that he is close to announcing a recovery plan for UST, but the price action clearly shows that investors no longer trust Terra.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.