The price of LUNA, the native token of the Terra blockchain, has hit new lows this morning.
Over the past few days, TerraUSD — an algorithmic stablecoin native to Terra that is supposed to track the price of the US dollar — has drastically de-pegged, throwing crypto markets into crisis.
UST’s price currently stands around $0.60, according to Binance, but it had dropped as low as $0.02250. Bitcoin's price has also fallen sharply this week. At press time, the cryptocurrency is trading at roughly $26,660, having hit a local low of $26,607 on Coinbase, per TradingView data. The fact that LUNA continues to plummet while UST has made some progress towards regaining its peg may be connected to the efforts of Terraform Labs CEO Do Kwon, whoto increase the amount of LUNA being minted per day by four times to help UST holders cash out, easing selling pressure. The proposal acknowledged that burning billions of LUNA would dilute the currency significantly.
“Nevertheless, there are no limit in LUNA supply, this market mechanism will actually work to bring stable UST and stable LUNA price ,” the proposal stated.
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