LUNA drops 20% in a day as whale dumps Terra’s UST stablecoin — selloff risks ahead? By Cointelegraph

RBI seemingly wants to ban cryptocurrencies, but not for the reasons you might think
Spread the love

LUNA drops 20% in a day as whale dumps Terra’s UST stablecoin — selloff risks ahead?

(LUNA) has plunged significantly after witnessing a FUD attack on its native stablecoin TerraUSD (UST).

The pair dropped 20% between May 7 and May 8, hitting $61, its worst level in three months, after a whale mass-dumped $285 million worth of UST. As a result of this selloff, UST briefly lost its U.S. dollar peg, falling to as low as $0.98.

UST daily price chart. Source: TradingView
Daily change in LUNA and UST supply. Source: SmartStake.io
LUNA/USD weekly price chart featuring ‘rising wedge’ setup. Source: TradingView