Another Stablecoin Follows LUNA $UST, Crashes Within Hours

Last week saw chaos in the cryptocurrency market due to the unprecedented crash of Terra’s UST stablecoin and LUNA. The crash resulted in traders debating about the trustworthiness of stablecoins, the latest being DEI price. This adds $DEI to other algorithmic stablecoins including UST and USDT which have also lost their peg to the dollar. Panic due to UST’s crash last week resulted in massive drop in prices of a majority of cryptocurrencies.