The price of Terra (LUNA) has plunged more than 14% over the last 24 hours, becoming the worst-performing cryptocurrency among major altcoins.
It is now close to dropping below Terra’s native UST stablecoin. The two cryptocurrencies are currently valued at $21.9 billion and $18.9 billion.
On Saturday, Terra briefly lost its peg after someone dumped $300 million worth of UST tokens on Curve and Binance. DeFi expert Route 2 Fi (@Route2FI) is convinced that the peg will be restored since there’s “enough money” in the system to back it up.
Some “LUNAtics” believe that it was a “coordinated attack” that was orchestrated by a single player in order to cause damage to the popular blockchain project.
“Bitfinex’ed,” the pseudonymous blogger and prolific critic of the cryptocurrency industry, noted that withdrawing tokens that you own “fair and square” is actually not a coordinated attack.
Do Kwon, co-founder of Terra, dismissed these concerns on Twitter, claiming that he “loves chaos.”