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Terra (LUNA) crashes 90% in 24 hours: recovery from UST slows down

 


Terra (LUNA) has continued its sharp decline since the start of the week. The ecosystem known for its stablecoins is experiencing its worst crash in months, and there are fears the worst isn't over yet. Here are the most important latest developments:


Why is the LUNA crash far from over?

In the past few days alone, Terra (LUNA) has seen a sharp drop of over 170%. The crash is one of the worst in the history of the stablecoin platform. The sharp losses were triggered after the main UST stablecoin weakened against the dollar.


UST is pegged to the US dollar at a 1:1 ratio. At one point, the stablecoin was trading about 70% under the dollar. This has caused many LUNA investors to panic and the sell-off has started. After UST recovered slightly, these gains were heavily reversed again.


LUNA will face significant selling pressure. Investor confidence in UST is now badly hit and it will take time for the coin to recover. From now on, expect stronger drops in the token price in the coming weeks.


What are the long-term prospects for Terra?

Despite the UST debacle, Terra still remains one of the largest stablecoin platforms in the world. However, there is no doubt that this incident will have a far-reaching impact on the price of LUNA in the short term.


However, we expect the platform to recover over the long term. Once UST regains its 1:1 ratio against the dollar, investor confidence will surely improve.

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