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. Information from community CryptoDeFix. At the same time in April Terra reached the maximum value for the time of its existence at $119.5. 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.