As per data from CoinGecko, the crypto reached a high of $0.00058798, indicating towards a debris-to-hubris kind of situation.
The cryptocurrency rebounded after Do Kwon, founder of Terraform Labs, released a recovery plan for TerraUSD and Terra Luna amid the crash on the Terra blogpost.
Do Kwon admitted in the blog post that the network's decentralised stablecoin, TerraUSD had lost the community's faith.
The founder went on to say that Terra's growth had previously been linked to TerraUSD, but with the crypto’s crash, the community should now focus on how the overall ecosystem can continue to thrive.
Kwon further clarified, Terra's community must rebuild the chain, and validators must reset the network to 1 billion tokens.