Terra (KUNA), the governance token for TerraUSD, has plummeted a record 98% in the last 24 hours. Terra continues to trade lower throughout Wednesday morning, with brief moments bringing it below $1.00USD.
What happened?
On May 9, TerraUSD, a stablecoin powered by Terra, lost its $1 peg and fell to low $0.70 prices before recovering to $0.90. Late Tuesday the coin once again fell in price, triggering a much harder fall than the previous day. TerraUSD has fallen to lows of $0.33USD and continues to fluctuate.
As TerraUSD price is meant to stay as close to $1 as possible, a rapid price movement causes destabilization in its ecosystem.
Taking Projects down with it
Despite crypto markets falling over the last month, many projects related to the Cosmos ecosystem that have ties with TerraUSD are hurting today. Outside of the Cosmos ecosystem, markets are mostly stable. A few coins/tokens related to Cosmos and TerraUSD are shown below:
| Coin/token | 24-hour price change | Current Price |
|---|---|---|
| ATOM | -32% | $10.05 |
| OSMO | -52% | $1.46 |
| KAVA | -37% | $1.88 |
| RUNE | -37% | $3.31 |
Posted Using LeoFinance Beta
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