Knives are out as Luna dives and UST briefly breaks its peg

melbourneswest in #hive-167922 • 3 years ago

Knives are out as Luna dives and UST briefly breaks its peg

Well, well, well what a scene that is occuring over at Terra (Luna) Network with some significant FUD brought on by a single wallet dump.

It was only a few days ago where Do Kwon paired 1 Billion UST and provided liquidity over at Curve Finance one of the leading stable coin Decentralised Exchanges (DEXs) on the Ethereum Network.
It only took someone a matter of seconds to cause Terra (Luna) Network to spiral into mass losses with a single wallet selling $US300 Million worth of UST on Curve Finance and Binance exchange 1source.

The sale accounted for 62% of total trades and it was a large enough sell off to cause others to start dumping UST in fear and it has spread its wings to Luna as UST is being dumped it is being burned into Luna causing everyone else left holding the bag and wearing the losses.

Luna suffered a 15% dive in value the largest decline to date in this Crypto crash but it is showing signs of recovery or atleast consolidating around the $US61 mark per Luna token.

It is yet to be seen if the Luna Foundation Guard Bitcoin reserves have kicked in and with Do Kwon investing $US1.5 Billion in Bitcoin right before the market crash we are yet to see if it has been switched on.

However, Luna continues to progress with a new listing on Thailands largest crypto exchange Bitkub which is also majority owned by a mainstream bank Siam Commercial Bank so we can expect to see Luna grow in South Asian markets.

Despite all this UST continues to stay relatively pegged at .99c US providing some arbitrage opportunities for investors.

So what are your thoughts, will Luna bounce back?

▶️ 3Speak

#leofinance #cent #defi #luna #ust #proofofbrain #vyb #mancave #creativecoin #neoxian

3 years ago in #hive-167922 by melbourneswest

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poshtoken 3 years ago

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whatsup 3 years ago

I've been meaning to pick up so Luna, this could be a great time.. Or not. lol

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melbourneswest 3 years ago

It looks like it has bounced back from $61 and heading back up. Exciting times and we get to see how the token performs. It's stable coin has done remarkably well.

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jfang003 3 years ago

It looks like someone wanted to take profits and I think LUNA will recover if the peg breaks back up. I think it might be a reactionary event right now but only time will tell.

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santyx 2 years ago

I heard a new that kwon had been looking forward to take a btc loan, if this is true, it might stablize the UST situation for the next few months, but how will they pay for the loans this can ruin Terra reputation as well as UST in general.

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chekohler 3 years ago

It wasn't a single person who dumped it was a16z and Jump crypto, It's not FUD when it's true, Terra are scrambling to protect the peg using their BTC to backstop their shitcoin, the anchor protocol is being subsidised by capital being raised by VCs and is not meant to last, and there is no way it will achieve a scale that it could maintain it without recycling money.

Terra/UST/Anchor is a ponzi scheme that VCs use to wash their capital in and out while gobbling up retail capital in the process

They needed bitcoin because their own coin doesn't have liquidity and demand to backstop a bank run

1/ Terra CEO is buying billions in #Bitcoin with free money. How?

Is the end game to create a Terra “ecosystem” or to accumulate BTC, the best asset in the world?

This is happening right under your nose as I post this. Possibly at your expense! Best to prepare.

A thread. 👇 pic.twitter.com/Tg1JBu3WY3
— Duo Nine (@DU09BTC) March 18, 2022

Anyone who promotes this garbage is either willfully ignorant or trying to unload their bags

.@coryklippsten joins @CoinDesk First Mover to talk about UST/Luna and #Bitcoin 👀 pic.twitter.com/Lc0wXyTVLs
— Swan Bitcoin (@SwanBitcoin) May 9, 2022

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sanjeevm 3 years ago

It only took someone a matter of seconds to cause Terra (Luna) Network to spiral into mass losses with a single wallet selling $US300 Million worth of UST

That's a possibility with every crypto platform - relative money we can say.

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