Cryptocurrency Luna sees price sinking from top 10 to near $0

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Once-popular cryptocurrency Luna saw its price sinking to almost $0 on Friday, tanking from its top 10 position in just a matter of days.

Luna saw its price bottoming out to $0.00003562 at 0845GMT, while it was delisted from some major crypto exchange platforms such as Binance.

Just a month ago its price was around $99, and over the last year it has reached highs of over $119.

Luna was one of the top 10 coins in the cryptocurrency market, but its sudden demise is associated with its sibling TerraUSD, a stable coin referred to as UST.

Designed in 2018 by Singapore-based Terraform Labs to be pegged to one US dollar, the price of UST on Friday plummeted $0.1639.

While other popular stable coins use reserve cash and other assets to manage a 1-on-1 ratio against the US dollar, UST burns and limits its sibling token Luna, enabling UST to adjust its own supply and manage a price close to one dollar.

However, with the price of UST in free fall, more and more Luna were burned in recent days.

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