Terra (LUNA) has slumped to $4.5 after a massive sell-off, Shiba Inu easily passed

The duo Terra (LUNA) – UST seems to have not escaped a dangerous situation as market pressure continues to weigh on the prices of these two coins. Currently, LUNA continues to sell off to the $4 zone, losing nearly 95% of its value. This was UST de-peg about $0.32.

Terra (LUNA) tumbles below $5 amid catastrophic sell-off

A few hours ago, many people thought that Shiba Inu would surpass Terra (LUNA) but then an unexpected thing was that LUNA fell below $5, standing at 40th place on CoinMarketCap rankings.

Terra LUNA

Terra’s UST is trading at $0.4, unable to recover its peg even though Luna Foundation Guard deployed all of its Bitcoin reserves.

Before the panic engulfing the Terra ecosystem, Terraform Labs founder and CEO Do Kwon only shared little information, claiming that he was doing everything he could to seek help and draw up a recovery plan for the Terraform Labs. UST, and urged the LUNA community to try to endure it a little longer. However, with the current price of LUNA, Do Kwon is surely losing in a bet worth $11 million in March.

The project’s controversial founder tweeted that he was close to announcing a recovery plan for UST, but the price action shows that investors no longer have confidence in Terra.

Currently, SHIB is trading around $0.00001495, down 9% over the past 24 hours and holding the 14th position on CoinMarketCap rankings.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS