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’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.
Didn’t mean to be so quiet – needed razor focus to deliver, thanks everyone for the support.
— Do Kwon 🌕 (@stablekwon) May 10, 2022
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.
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