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As Terrausd Fights To Reclaim Its Dollar Peg, Luna Falls Below $2 And Loses 98% Of Its Value

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After bouncing at $.90 during the day, wobbling stable coin TerraUSD (UST) began its free-fall overnight, approaching $0.30 before recovering to $.43 this morning.

When compared to LUNA, the token is supposed to keep its $1 peg, which has now gone below $2, this performance may be called downright positive. LUNA has dropped 98 percent in the last five days, causing its market valuation to plummet by $25 billion this week.

Today’s focus will be on whether the Luna Foundation Guard, led by founder Do Kwon, will be able to rebound from its current state of decline. The Block reported yesterday that the team was in talks with unnamed hedge funds and market makers to obtain $1 billion in extra collateral. That, however, has not materialized.

Kwon expressed support for a new community-driven initiative to mint more LUNA to alleviate the excessive UST sell pressure this morning. Even if this succeeds, it will almost certainly necessitate extra haircuts for LUNA’s biggest backers, who include famous crypto businesses like Pantera, BlockTower, and Galaxy.

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