CoinDesk Analysis Team
CoinDesk
Terra's LUNA continued its third consecutive day of slide as they fell 73% in the past 24 hours to reach price levels previously seen in August 2021.
Anchor, the decentralized finance (DeFi) platform that provides yields on UST deposits, saw total value locked (TVL) fall by $11 billion in the past two days. The drop came as TVL peaked at $17 billion just a week ago.
DeFi platfrom Anchor saw TVL drop $11 billion. (DeFiLlama)
LUNA traded as low as $7.62 in Asian morning hours today as the depegging of TerraUSD (UST) stablecoin with U.S. dollars contributed to a waning fundamental sentiment among traders for LUNA.
Selling pressure on LUNA came as its parent foundation issued 46 million tokens in the past day to maintain UST’s peg with the U.S. dollar, data show.
The price action represented one of the biggest drops for a major cryptocurrency. Data shows LUNA prices have dropped 90% in the past week and 7% in the past hour alone. The tokens are now down 92% since lifetime highs of $119 in April 2022, just more than a month ago.
LUNA fell to as low as $7.62 in Asian hours. (TradingView)
Social sentiment on social media sites for LUNA remained poor among traders. Meanwhile, suicide helplines and posts trend on Terra’s Reddit forum at writing time.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.