Terra (LUNA), the native coin of the Terra ecosystem, has experienced a quick slump, causing it to plummet to an all-time low. According to CMC, the price of LUNA had plunged to an all-time low of $0.037 at the time of writing.
In April, Terra’s governance coin was one of the top ten cryptocurrencies by market capitalization. With a market capitalization of $41 billion on April 5, it outperformed competitors such as ADA ($39.5 billion) and AVAX ($24.4 billion). The market capitalization of LUNA has dropped by 90% in the last 24 hours, to about $193 million. According to CMC data, the market value of LUNA on Tuesday was $6.6 billion. This was addressed by a well-known crypto influencer in the following tweet.
Terraform Labs wants to keep LUNA from diluting the peg of its stablecoin TerraUSD (UST). On Thursday, the community can vote on the “Agora proposal,” a recent initiative. The network intends to burn roughly 1.01 billion UST held in the common pool, according to this. The team hopes that reducing the overhanging supply of UST will stop LUNA from being diluted. However, as the market continues to fall, crypto professionals and enthusiasts have little optimism for these initiatives. At the time of writing, the price of UST was $0.5928, a 43% increase.
Bitcoin and Ethereum, the chart’s leading contenders, both fell to their lowest prices in the last 24 hours. At the time of writing, Bitcoin’s all-time low was $26,350, while Ethereum’s all-time low was $1,748. The current market movements continue to represent the crypto world’s chaotic bloodbaths.
Read more: Terraform Labs donates $880 million to Luna Foundation Guard
