Cryptocurrency News

LUNA drops 20% in a day as whale dumps Terra’s UST stablecoin — selloff risks ahead?

2022.05.09 18:37

LUNA drops 20% in a day as whale dumps Terra’s UST stablecoin — selloff risks ahead?
LUNA drops 20% in a day as whale dumps Terra’s UST stablecoin — selloff risks ahead?

Terra (LUNA) has plunged significantly after witnessing a FUD attack on its native stablecoin TerraUSD (UST).

The LUNA/USD pair dropped 20% between May 7 and May 8, hitting $61, its worst level in three months, after a whale mass-dumped $285 million worth of UST. As a result of this selloff, UST briefly lost its United States dollar peg, falling to as low as $0.98.

Source

Related Articles

Leave a Reply

Back to top button