UST debacle pulls Terra (LUNA) from $80 to $0.024 in a week: here’s where to buy LUNA

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UST debacle pulls Terra (LUNA) from $80 to $0.024 in a week: here’s where to buy LUNA

By Onose Enaholo - min read
Updated 26 January 2023

Following the Terra’s TerraUSD (UST) stablecoin misfortunes after it de-pegged from the US Dollar, the price of LUNA, which is Terra’s native token, has crashed from above $80 to about $0.023. The fiasco surrounding the UST has sent shock waves across the entire crypto market and specifically the algorithmic stablecoins.

Following the UST de-pegging, the co-founder of Terraform Labs, Do Kwon, announced a “recovery plan” in a series of tweets, saying the company would seek additional outside funding and “rebuild” TerraUSD so that it is collateralized.

Today, in the evening, the Terra blockchain was officially halted at a block height of 7603700 to prevent governance attacks following severe LUNA token inflation and a significantly reduced cost of attack.

To help investors and traders who want to take advantage of the current Terra (LUNA) dip by purchasing it at its current low price, Coinjournal has created a brief article to help with identifying the best places to buy it.

To find out more, please continue reading.

Best places to buy Terra (LUNA)

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Nexo

Since 2018 Nexo has strived to bring professional financial services to the world of digital assets. Leveraging the best of the team's years of experience in FinTech along with the power of blockchain technology, Nexo empowers millions of people to harness the value behind their crypto assets, shaping a new, better financial system.

What is LUNA?

LUNA is the native cryptocurrency of the Terra blockchain.

The Terra blockchain uses fiat-pegged stablecoins to power a stable global payment system. In a nutshell, Terra leverages the stability of Fiat currencies and the decentralized nature of Bitcoin (BTC) to offer fast affordable settlements using stablecoins.

Besides its recently released native stablecoin, TerraUSD (UST), a number of other stablecoins pegged on the US Dollar, the South Korean Won, the Mongolian tugrik, and the International Monetary Fund’s Special Drawing Rights basket of currencies have been developed and deployed using Terra blockchain

Besides LUNA being used as a stabilizer of the various stablecoins developed via Terra, LUNA holders can also vote on Terra governance proposals.

Should I buy the LUNA coin today?

If you are looking for a cryptocurrency that has taken a massive dive over the past few days, then LUNA could be a good choice.

Despite the coin offering a great opportunity if it recovers, it is still not clear how far the price of LUNA will go. The coin has been dropping by almost 100% every day in the past four days.

LUNA price prediction

There are fears that the price of LUNA could slide below $0.01 before attempting a comeback, which would require a lot of work from the team behind the project as they actualize the proposed “recovery plan.”

Terra social media coverage