Terra’s (LUNA) its price has lost more than 16% in the last 24 hours and cryptocurrency big in the market altcoins It was the worst performing cryptocurrency among all.
The LUNA token is also the native stablecoin of the Terra network as its market value. of UST is about to fall behind.
The market cap of UST stands at $18.6 billion, while that of the LUNA token currently hovers around $20.9 billion.
The drop is believed to be due to the UST token’s index to the US dollar briefly deteriorating after some investors sold the $300 million UST token on Binance and Curve.
However, DeFi expert Route 2 Fi argues that the fixed price of the UST to the US dollar will not change as there is enough money in the system to support this index.
“Terra Network Attacked”
Some LUNA supporters claim that this latest incident was a “coordinated attack” by someone who wanted to harm Terra.
Some Twitter users argue that people can sell their cryptocurrencies as they wish, and this cannot be considered a coordinated attack.
In a statement on Twitter, LUNA founder Do Kwon dismissed concerns about the cryptocurrency ecosystem and posted the message “I love chaos”.
Kwon shared a graph showing the addresses of the UST and claimed that 62% of the shootings were from a single address. Kwon deleted his tweet after he warned himself that this 62% of users showed “other addresses”.
*Not investment advice.