- Over the course of the week, LUNA experienced its biggest sell-off, this was due to the fact that its UST, the algorithmic stable coin created by Terra, fell below the parity of 1 USD.
- It wasn’t just LUNA, in the process Bitcoin fell to 26,000 this Thursday, bringing other coins with it.
- LUNA’s value remains significantly low, but Saturday’s surge has given investors and the Terra ecosystem a respite.
- Speculation remains that LUNA is going to achieve a rebound similar to that of SHIB.
After what happened last Thursday, when LUNA de Terra lost 99% of its value, it has had an increase of 1000% to 0.0005395 USD this Saturday. This increase activated the bullish sentiments of all LUNA investors.
Over the course of the week, LUNA experienced its biggest sell-off, this was due to the fact that its UST, the algorithmic stable coin created by Terra, fell below the parity of 1 USD. It is speculated that the drop was due to large investors discarding the currency and opting to use safer assets. This was due to the uncertainty surrounding Terra’s plan to back its UST using Bitcoin.
The situation got even worse when other stablecoins, including Tether (USDT), sank as much as 95 cents on some exchanges on Thursday, easing ongoing “speculation-driven fear.”
It wasn’t just LUNA, in the process Bitcoin fell to $26,000 this Thursday, bringing other coins with it. The crypto market had an 18% drop in its total capitalization. What triggered the alarm of all investors was the sudden drop of LUNA, after having reached its all-time high of 119.18 USD on April 5. With the massive sell-off that took place over the course of the week, LUNA and other cryptocurrencies suffered a setback.