UST token rises by 55% after the agreement on the plan to revive Terra

Posted 26 May, 2022

The cost of the Terra Classic USD token (former UST) rose by 55% per day, to $0.1. The capitalization of the altcoin again exceeded $1.1 billion with daily trading volumes of $936 million, according to CoinGecko.

The price of the stable coin began to grow actively after the largest crypto exchanges and the community supported the plan of Terraform Labs CEO Do Kwon to restore the network. The new Terra 2.0 blockchain will be launched on May 27, LUNA and UST holders will take part in the distribution of new tokens. The airdrop will be supported by Binance, Huobi, HitBTC, ByBit, and other trading platforms.

The collapse of Terra Blockchain-backed UST began on May 8th. The cryptocurrency lost its peg to the US dollar after a one-off sale of about $300 million worth of tokens.

The LUNA token ensured the stability of the UST exchange rate in the Terra system. When the problems with the stable coin began, the algorithm began to accelerate the release of new LUNA tokens to support UST, which increased its supply to 6.9 trillion coins. As a result, the price of LUNA collapsed to $0.0001, although in early April it reached $120.

 

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26 May, 2022 11:05

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