Terra (LUNA) dropped a record 84% in the last 24 hours to as low as $4 after its algorithmic stablecoin UST deteriorated.
Terra’s LUNA token, one of the most talked about assets of recent times, continued its decline today. Yesterday, there was a big drop in LUNA as the algorithmic stablecoin of the Terra ecosystem destabilized and regressed to $ 0.60. As it is known, due to the relationship between LUNA-UST, LUNA is launched to protect the constant of UST. Today, however, the decline in UST continued and fell to $0.28. In the process, 46 million LUNA was released to ensure the stability of the UST.
Terra’s largest DeFi platform Anchor, the total value (TVL) locked in has also dropped by $11 billion in the last two days.
This drop in LUNA made a big splash in the cryptocurrency market. In what is said to be one of the biggest collapses ever, LUNA’s price is 90% in just one week; In just 1 hour, it fell by 7%.
LUNA is down 96% from its all-time high of $119, which it set about a month ago.
As of publication time, LUNA is trading at $4.54.