Terra’s LUNA continues to fall for the third day in a row, falling 73% in the last 24 hours. Hit the lowest price level since August 2021.
Anchor, a decentralized finance (DeFi) platform that provides returns on UST deposits, has seen a total locked-down value (TVL) drop by $11 billion over the past two days. The decline came as TVL peaked at $17 billion last week.
LUNA trades as low as $7.62 as TerraUSD (UST) devaluation has weakened underlying sentiment among traders for LUNA.
The selling pressure on LUNA is driven by 46 million Mint Tokens added in the past day. to maintain the peg UST against the US dollar asshow information
The price action represents one of the largest declines for major cryptocurrencies. Data shows that LUNA prices are down 90% in the last week and 7% in the last hour alone. The token is currently down 92% since its all-time high of $119 in April 2022, more than a month ago.
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