Is Terra (LUNA) on the Verge of Collapsing?
Most investors have seen just how brutal the cryptocurrency market has been of late. However, for investors in algorithmic stablecoin Terra (CRYPTO: LUNA), it's been quasi apocalyptic of late.
As of 9 a.m. ET today, Terra has plunged 43.6% over the past 24 hours. This comes as Terra's stablecoin, TerraUSD (CRYPTO: UST), sunk to the $0.93 level, representing a 7% fall from its peg over the past 24 hours.
At the time of writing, Terra has fallen below the $35 level for the first time in six months, sparking what could be one of the most impressive sell-offs among large-cap tokens we've seen this year. This rapid decline has pushed LUNA out of the top 10 list of tokens by market capitalization, with LUNA's market cap now below $12.5 billion.
Source Fool.com
