LUNA pumps and dumps repeatedly in weekend’s roller coaster run

The value of LUNA, the native token of Terra, is now as unstable as minimal-cap meme currencies, and is at present at 23,716.5% from its all-time lower set on Friday, according to CoinGecko details.

See linked report: UST loses greenback peg as Terra industry cap slumps

Rapid facts

• The Terra community endured a main meltdown previous week, as its UST misplaced its peg to the U.S. dollar, whilst the community botched the endeavor to conserve the algorithmic stablecoin by mass-generating LUNA.
• UST is an algorithmic stablecoin pegged to the U.S. dollar whose benefit is meant to be managed by LUNA as collateral.
• Algorithmic stablecoin TerraUSD (UST) has not regained its peg, investing at US$.1766 at press time.
• Community developer Do Kwan posted a plan to revive LUNA on Saturday, suggesting reconstituting the community and resetting ownership at 1 billion tokens to be distributed amongst existing and previous holders.
• Binance CEO Changpeng “CZ” Zhao tweeted in reply that this program would not operate, calling it “wishful pondering.”
• Ethereum co-founder Vitalik Buterin tweeted that “algostable,” a time period used to explain algorithmic stablecoins, “has develop into a propaganda term serving to legitimize uncollateralized stables by putting them in the similar bucket as collateralized stables like RAI/DAI.”

See similar report: Stablecoins guarantee much, but can they supply?