The native token of the Terra (CRYPTO: LUNA) blockchain crashed 56% over 24 hours as its stablecoin, TerraUSD (CRYPTO: UST), lost its peg for the second time in 48 hours.
What Happened: According to data from Benzinga Pro, LUNA fell from an intra-day high of $64.62 to an intra-day low of $28.03. LUNA has lost more than 65% of its value since the weekend.
The token’s price plummeted after the blockchain’s algorithmic stablecoin UST lost its peg for the second time in two days. Some reports indicate that UST fell to as low as $0.65 on Coinbase Global Inc (NASDAQ: COIN).
Why It Matters: UST’s token mechanics are …
Full story available on Benzinga.com