Shiba Inu About to Surpass Terra's LUNA After Double-Digit Price Spike

Alex Dovbnya

Meme coin Shiba Inu is a hair’s breadth away from surpassing Terra (LUNA) after a 10% spike

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Tue, 10/05/2022 - 20:16

Shiba Inu About to Surpass Terra's LUNA After Double-Digit Price Spike

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Terra (UST) has come close to plunging below Shiba Inu (SHIB) on CoinMarketCap amid a relentless sell-off.

The two cryptocurrencies are in 14th and 15th places by market capitalization, respectively.

Terra co-founder Do Kwon took to Twitter to announce that he was close to announcing a “recovery plan” for the embattled UST stablecoin, which recently lost its peg.

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The tweet didn’t help to assuage investors’ concerns. The cryptocurrency keeps hanging near intraday lows at $25, collapsing by more than 70% within a week.

UST has so far failed to regain its peg, currently sitting at $0.9082 on the Bitstamp exchange.

SHIB, on the other hand, has managed to stage a pretty impressive comeback, spiking 11%. The token, however, is still down 18% in one week.

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About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.