In the past two days, Anchor, Terra’s largest DeFi protocol, lost more than $10 billion worth of value.
Terra’s LUNA fell 85% in the past 24 hours, marking the third consecutive day of declines for the cryptocurrency.
The total value locked (TVL) of Anchor, the decentralized finance (DeFi) platform that offers yields on UST deposits, fell by over $10 billion in the past two days. Just a week ago, TVL peaked at $17 billion.
In UK morning hours today, LUNA traded as low as $4.39 as the depegging of TerraUSD (UST) stablecoin to U.S. dollars weighed on the fundamental sentiment among traders.
In the past day, LUNA’s parent foundation issued 46 million tokens to maintain UST’s peg to the U.S. dollar, according to data.
This was the biggest drop for a major cryptocurrency. The price of LUNA dropped almost 94% in the past week and 10% in the past hour alone. Since reaching lifetime highs of $119 in April 2022, the tokens are down 95%.
Trading sentiment remained poor on social networks for LUNA. Currently, suicide helplines and posts trend on Terra’s Reddit forum.