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LUNA drops 20% in a day as whale dumps Terra’s UST stablecoin — selloff risks ahead?

Published 05/08/2022, 08:54 AM
Updated 05/09/2022, 11:20 AM
LUNA drops 20% in a day as whale dumps Terra’s UST stablecoin — selloff risks ahead?
LUNA/USD
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LUNAt/USD
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Terra (LUNA) has plunged significantly after witnessing a FUD attack on its native stablecoin TerraUSD (UST).

The LUNA/USD pair dropped 20% between May 7 and May 8, hitting $61, its worst level in three months, after a whale mass-dumped $285 million worth of UST. As a result of this selloff, UST briefly lost its United States dollar peg, falling to as low as $0.98.

UST daily price chart. Source: TradingView
Daily change in LUNA and UST supply. Source: SmartStake.io
LUNA/USD weekly price chart featuring 'rising wedge' setup. Source: TradingView

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