It looks like UST and Luna have broken out of the death cycle and will survive this round, with Luna currently showing well over $0.90 on all exchanges. Today’s dip down to $0.66 gave huge arbitrage opportunities. A massive $2.6B of UST has been traded on Binance. Congratulations to those who made money and commiseration to those who sold.
There as never been an algorithmic stable coin of this size before. If Luna can survive this it will be another big step forward in proving crypto is the future of our the global financial system (if any proof was still needed).
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