Terra Luna, the cryptocurrency created by Terraform Labs, has dropped by 98 per cent during the past 24 hours Thursday at 15:30 IST, according to data from CoinMarketCap, the coin is trading at $0.08423.
Ironically, amid this crash, a nine-day old video of the Terraform Labs founder has resurfaced in which Do Kwon is heard saying that 95 per cent of cryptocurrencies are going to die and that he would be entertained to watch them fail.
Due to the TerraUSD algorithmic stable coin de-pegging debacle, the Terra Luna cryptocurrency began to plummet. TerraUSD, sometimes known as $UST, is a native currency of Terraform Labs.
Amid the crash, Kwon finally broke his silence on Twitter. After conceding that the preceding 72 hours had been "very stressful," Kwon was ready to announce his rescue plan. Kwon explained why the price of LUNA has been reduced so much.
Kwon disclosed in a community proposal pitch that the only option to move forward was to increase the quantity of LUNA minted per day.
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