Terra's LUNA continued its third consecutive day of sliding as the token fell 96% in the past 24 hours to reach price levels previously seen in August 2021.
LUNA fell to almost $1.30 at the time of writing on Wednesday as the depegging of the UST stablecoin with U.S. dollars contributed to waning sentiment among traders for LUNA.
Selling pressure on LUNA came as its parent foundation issued 46 million tokens in the past day to maintain UST’s 1:1 peg with the U.S. dollar, data shows.
The price action represented one of the biggest drops for a major cryptocurrency. Data shows LUNA's price has dropped 90% in the past week and 7% in the past hour alone. The token is now down 92% since lifetime highs of $119 in April 2022, just more than a month ago.
UPDATE (May 11, 12:30 UTC): Updates headline and story to reflect the latest price of LUNA.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.