Terra Luna Crash Accelerates with 95% Drop
- DeFi
- Stablecoin
- CT Lore
Terra Luna's price plummeted another 95% on May 11, following a 64% drop the previous day, as the UST stablecoin depeg spiraled out of control. Billions of Luna tokens were minted in a desperate attempt to stabilize UST, inflating supply 20-fold in just days. CT watched in horror as the once-hyped project burned billions in value, with many calling it the biggest DeFi collapse ever. Do Kwon's silence during the chaos only fueled the panic and memes. This event became a defining scar in crypto history.