Do Kwon comments on LUNA and UST debacle
Terraform Labs founder and CEO Do Kwon finally broke his silence on Twitter with a new proposal to save the Terra ecosystem in the wake of the UST debacle.
In order to bring UST back to the dollar peg, Kwon proposed to increase the supply of LUNA in the market to absorb the selling pressure created by investors when the stablecoin becomes unstable.
The proposal would accelerate Terra’s price stabilization mechanism and triple LUNA’s current minting capacity to $1.2 billion.
The main cryptocurrency market continued its downward spiral on Wednesday as LUNA and UST suffered a massive implosion despite LFG’s efforts to get UST back to its peg to the dollar.
It’s not just LUNA and UST that have plummeted.
At the time of writing, BTC fell below the $28,000 support level after losing a staggering 11.2% in market cap over the past 24 hours.
If the current support around $28,500 falls under further selling pressure, this bear market could push BTC towards the $26,500 support area.
However, on-chain metrics have yet to detect any unusual selling pressure from long-term holders, who are apparently holding on despite the bleak market outlook.
Likewise, ETH plummeted 20% overnight and is currently trading below the psychological support level of $2,000 amid a sell-off in the broader market.
Most of the leading Tier 1 coins and memecoins were also in deep losses, as the altcoin market suffered massive double-digit percentage losses overnight (Asian session).
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April 24, 2024
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