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chitty

Member

Registered: 2022-02-12

Posts: 84

TerraUSD stablecoin "UST" in trouble

For those who don't know a stablecoin, TerraUSD "UST", which had a market cap of 18 billion dollars a week ago, has lost its peg to the US Dollar (set the graph to 1 year or all, then 7 day to see the recent action):
https://coinmarketcap.com/currencies/terrausd/
The associated coin, Terra "LUNA", whose market cap is needed to keep "UST" stable, is getting destroyed:
https://coinmarketcap.com/currencies/terra-luna/

And that may not be the only reason that crypto is crashing but it's part of it
So remember to finalise promptly, haha

Edit: And there was a quiver in the much bigger 80 billion dollar market cap stablecoin "USDT", dumping to 95 US cents in the last 24 hours:
https://coinmarketcap.com/currencies/tether/
That's the worst dump in that coin since 2017

Last edited by chitty (2022-05-12 22:40)

fusion01

Member

Registered: 2019-07-05

Posts: 22

Re: TerraUSD stablecoin "UST" in trouble

That LUNA dump was incredible. Never seen anything like it

Xar777

Member

Registered: 2019-04-30

Posts: 122

Re: TerraUSD stablecoin "UST" in trouble

About time!

All these shit coins and stable coins need to get wrecked. I'm hoping this current dump cycle will destroy the majority of them, especially all the shitty forks that are clearly just looking to make a quick buck without any real innovation.

The whales are having some fun right now! We have seen this cycle before, many times.. just look at the complete BTC historical price chart.

It's easy to 'peg' a coin when the times are good and cash is rolling in, but when that changes to a bear market if your peg is not actually attached to the thing it was meant to be pegged to (USD in this case) then you are totally fucked and that's probably what we are seeing now.

Don't panic, BTC and XMR will rise from the ashes as usual (because they are based on solid tech with real utility)