The rate of Terra during the day decreased by 86%
The value of Terra fell to $4.5 despite the fact that the cryptocurrency was worth $119 in April.
The Terra token collapsed 86%, falling to its lowest since July 2021 at $4.5. At the same time in April Terra reached the maximum value for the time of its existence at $119.5. Article from platform cryptodefix.com. Since then the value has fallen 95%.
The collapse began on May 8, when TerraUSD (UST) temporarily lost its peg to the dollar. This happened after one user sold nearly $300 million worth of UST in a single transaction. The value of the stablecoin is now hovering around $0.4.
The Luna token is used to stabilize the value of UST, so their rates correlate. According to The Block, Luna Foundation Guard plans to raise more than $1 billion in large investors to support UST. They will be invited to buy the LUNA token at a 50% discount.
Mentioned project
A blockchain protocol for the creation of stabelcoins whose value will be anchored to fiat currencies.
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