Why Terra (Luna) and UST Coin Are Soaring Today

·2 min read
Why Terra (Luna) and UST Coin Are Soaring Today

Earlier this month, the Terra (CRYPTO: LUNA) blockchain effectively collapsed. The breakdown started when stablecoin TerraUSD (CRYPTO: UST) lost its peg to the U.S. dollar and the built-in arbitrage mechanism failed to resolve the problem. As of 3:00 pm ET, Luna and UST were up 62% and 25%, respectively, in the last 24 hours.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting