Amid the ongoing bloodbath in the crypto market, which has reportedly erased more than $800 billion value of crypto assets in the past month, a major crypto coin has reportedly nosedived the most, wiping out about 80% of its value in just 24 hours.
No, it’s neither Bitcoin nor Ethereum. It’s not even Elon Musk’s favourite Dogecoin.
The crypto coin whose value has tanked around 80% in just 24 hours, is Terra (LUNA). As per coinmarketcap, Terra was around the $44 mark at the beginning of yesterday and ended the day at close to the $29 mark. And today, it is hovering at $4-$5 around the mark at the timing of writing this report.
Terra is one of the top-10 crypto tokens if dollar-pegged stablecoins are excluded, as per an ET report. As per coinmarketcap data, Terra is placed at 4th position on Binance.
The token had reached its peak of close to the $118 mark in early April 2022, as per the ET report.
For the uninitiated, Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. It combines the price stability and wide adoption of fiat currencies with Bitcoin and offers fast and affordable settlements.
All this comes amidst the crypto market bloodbath over the past few days. Bitcoin hit its 10 month low mark yesterday (as per a Reuters report) and was hovering just above $30,000 at the timing of writing this report today, according to coinmarketcap data. Bitcoin price has dropped nearly 4% in the past 24 hours.
Dogecoin price has dropped nearly 10% in the past 24 hours, currently hovering around the 0.1024 mark. Another major crypto coin Ethereum has dropped nearly 4% in the last 24 hours and hovering around the $2,284.33 mark at the time of writing this report.
Terra’s Volume Shoots Up Amidst Price Slump
Its stablecoin, TerraUSD (UST), lost its dollar peg for the second time in 3 days, falling to as low as $0.65.
The fall was so steep that the market cap of Terra dropped below the market cap of its stable coin UST, according to the data from Coinmarketcap.
After this latest big slump, crypto coin LUNA’s market cap has reportedly dwindled to $10 billion, whereas US Terra (UST) was commanding a superior m-cap of more than 16.36 billion, as per the ET report.
On the other hand, the volumes of Terra have been rising on a mammoth scale to about 160%, as tokens of more than $12.12 billion have exchanged hands in the last 24 hours.
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