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