Terra Will Fork, but Will It Matter?
What a week it's been for Terra (CRYPTO: LUNA) and its algorithmic stablecoin TerraUSD (CRYPTO: UST). Trading right at its peg of $1 per token as of May 9 (where it should be), UST is now trading around its all-time low, at just above $0.11 as of 3 p.m. this afternoon. This move represents yet another decline of 3.6% over the past 24 hours for this stablecoin. Additionally, this decline means that UST would need to return roughly 1,000% to just get back to its peg from this level, making these daily moves seem irrelevant in the bigger picture.
This sort of price action means many a eulogy is being written about the TerraUSD stablecoin. It's probably too far off its peg to be saved, and this is now being priced into the token.
Image source: Getty Images.
Source Fool.com
