LUNA Crashes as Do Kwon Asks Holders to ‘Stay Strong’

Do Kwon urged holders of LUNA not to lose heart as the price falls closer to zero. Prices plunged following the USD losing parity to UST stablecoin, and fell to a new low today.

LUNA, UST Turn Toward Zero

As of writing, LUNA/USD trades at $5.45. This is slightly higher than its previous low of $4.21.

Prices are now down almost 90% from yesterday’s peak price of $34.28, with only seven days since it traded at its highest of $88.40

After a brief rally after it lost dollar parity, UST moved towards zero and hit a low of $0.2998 today.


LUNA, UST Move Closer to Zero, as Do Kwon Asks Holders to 'Stay Strong'

 

UST/USD – Daily Chart

This came less than 24 hours after it was trading at $0.9486, however markets panicked at a lack of communication from LUNA founder Do Kwon, who was said to be working on a “recovery plan.”

LUNA, UST Move Closer to Zero, as Do Kwon Asks Holders to 'Stay Strong'

You will be able to survive for any future developments.

Kwon provided an update that was more substantial to the Terra community recently.

I know the past 72 hours have been very difficult for you all. I am determined to work with you through this crisis and help you get out.

The founder of LUNA stated that UST was the “only path forward” and that it would be to absorb stablecoin supply before UST can begin repeg. Kwon also provided technical options for decreasing “the overhang of UST.”

 
LUNA Chart – multicryptocoins.com