Entire Luna and UST community still waiting for a plan
The UST Drama Continues in the Cryptocurrency Market as More People Take Massive Losses After Luna Falls Below $10 and UST Fails to Hold peg with a US dollar. To appease investors and traders, Do Kwon announcement the release of a plan that should have saved the market, but 15 hours have passed and there is still no plan.
According to the tweet posted approximately 15 hours before press time, Do Kwon teased his followers and UST holders that he is getting ready to release a plan designed for saving UST and, most likely, Luna cryptocurrency, which is down by about 90% for the week.
But despite a big announcement, Do Kwon’s Twitter feed is still empty. The message following the announcement was a request to stay strong as he nears the finish.
Reportedly, Luna Foundation is looking for additional funding from crypto and non-crypto companies in order to keep the peg of UST stablecoin, which seems close to being impossible as UST is trading at $0.23 at press time.
UST Drama Recap
Following Bitcoin’s massive correction, which pushed the first cryptocurrency below $32,000, investors maniacally shifted their liquidity away from the UST stablecoin, causing liquidity issues.
As UST faced its first issues with USD pegging, Luna Foundation Guard had to initiate the sale of its Bitcoin collateral in order to maintain UST’s peg. But despite selling a massive amount of BTC on a bleeding market, UST failed to gain back the full peg and dropped even further after reaching $0.9.
At press time, Luna is trading at $5, which has resulted in a 94% decline over the past seven days.
