Shiba Inu is about to surpass Terra’s LUNA after double-digit price spike
Meme coin Shiba Inu is a hair’s breadth away from surpassing Terra (LUNA) after peaking at 10%
Terra (UST) has nearly dived below Shiba Inu (SHIB) on CoinMarketCap amid a relentless sell-off.
Image by coinmarketcap.com
The two cryptocurrencies rank 14th and 15th respectively in terms of market capitalization.
Terra co-founder Do Kwon took to Twitter to announce that he was about to announce a “recovery plan” for the controversial UST stablecoin, which recently lost its peg.
The tweet did not help allay investors’ concerns. The cryptocurrency lingers near intraday lows of $25, falling more than 70% within a week.
UST has so far failed to get its peg back, which currently stands at $0.9082 on the Bitstamp exchange.
SHIB, on the other hand, has managed to make a pretty impressive comeback, peaking at 11%. However, the token is still down 18% in one week.