Cryptocurrency investors never thought they’d have to ask whether TerraUSD (UST) or LUNA would reach $1 first. On Wednesday, that question became the talk of the cryptosphere as the Terra ecosystem imploded.
As the algorithmic stablecoin UST lost its dollar peg, crashing to a low of around $0.30, Terraform Labs co-founder Do Kwon took to Twitter to share his rescue plan. At the same time, the value of sister token LUNA, once a top-10 crypto project by market capitalization, plunged over 98% to $0.84, according to CoinMarketCap. For reference: LUNA was trading north of $120 in early April.
Amid the chaos, Cointelegraph analysts Sam Bourgi, Jordan Finneseth, Marcel Pechman and Benton Yuan held an emergency edition of “The Market Report,” which normally airs on Tuesdays, to discuss