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    Gate.io Blog:UST Decoupled from the US Dollar and LUNA Slumped by 60%

    2022-05-10 08:33:39 UTCLido:29451

    【TL; DR】

    In the early morning of May 8, UST was decoupled from the US dollar price and fell to $0.98. LUNA followed as well. The original Terra network token was also implicated, dropping below $65 on the same day. As per the time of writing this article (12:00 on May 10), UST had fallen to US $0.7641; LUNA has fallen to $25.7113.

    UST crashed due to its uncoupling

    The collapse of this weekend (May 7) dealt another blow to the originally depressed market. The Terra ecosystem seems to have suffered a collaborative attack. UST sold up to 285 million UST on the stablecoin exchange agreement Curve and Binance. Due to the sell-off, UST was decoupled from the US dollar and once fell to a low of $0.98. Its sibling token LUNA fell 20% on the same day, below $65, to its lowest level in three months.

    In response to the decoupling incident, Do Kwon, the Terra founder, responded on twitter, "I have stipulated that it will not happen again in the next 7x24 hours. Those who are waiting for UST to become unstable will probably not see it until human extinction."

    For more information on the specific analysis process, please read this blog:UST Decoupled from the US Dollar and LUNA Slumped by 60%

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    May 10

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