LUNA is a token developed alongside the algorithmic stablecoin TerraUSD (UST) by Terraform Labs to keep its peg of $1. Between May 9 and May 14, UST lost its value by 85% dropping from $1 to $0.15.
Luna crashed due to its link to UST which decoupled from the dollar earlier this week to collapse below one cent. The price of LUNA lost its value by 99% plunging from $62 on May 9 to less than a cent by May 14.
By press time, LUNA was up 364% in the last 24 hours trading at $0.0004, according to Coingecko.com. At some point, the token had gained 2,000% despite the general cryptocurrency market trading in a volatile state.