May 10, 2022
[< 1 min Read]
So last night LUNA dropped 50% and its accompanying algo-stable (UST) went from $1 peg to a low of 69 cents (heh nice), then went through a very turbulent period, and finally started making its way back to the peg this morning (currently back at 92 cents).
This provided a huge arbitrarge opportunity, and interestingly while UST is making a recovery, LUNA is stabilizing with support @$28.50. However, as the arb between LUNA and UST continues, LUNA will continue to be burned, which should allow LUNA to recover to reasonable levels.
Bullish on LUNA, LFG!