Luna Nosedives Under $2, Loses 98% Of Its Value As TerraUSD Struggles To Regain Its Dollar Peg

Following a day in which teetering stablecoin TerraUST (UST) bounced around $.90, it resumed its free-fall overnight to approach $0.30 before recovering partly to $.43 this morning. From a report: However, this performance could be considered downright bullish when compared to LUNA, the token designed to maintain its $1 peg, which has now fallen below $2. LUNA is down a staggering 98% in the past five days, which has seen its market capitalization lose $25 billion this week. Today attention will focus on whether the Luna Foundation Guard, led by founder Do Kwon, will be about to recover from this downward spiral. The Block reported yesterday that the team was in talks to obtain $1 billion in additional collateral from unnamed hedge funds and market makers. However, that has not come to fruition.

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