Twitter Reacts to the UST Collapse and Market Meltdown in Crypto

　　As Crypto Twitter watched Terra's stablecoin drop in real time, insights, warnings, and vengeance were all on the table.

　　Yesterday, cryptocurrency Twitter was already firing on all cylinders as Bitcoin and other top cryptocurrencies plunged to levels not seen in over a year. Then Terra's stablecoin, UST, plummeted off a cliff, sending the social networking site into overdrive.

　　UST, which is supposed to be held at the value of the US dollar, has fallen from a troubling $0.985 to a frightening $.90, then to $.85, then to $.80, and then even lower. As the once-stable coin depegged from the US dollar, falling below $.70 late Monday, Crypto Twitter's resident experts, stakeholders, contrarians, and trolls were all present to analyze the historic tragedy in real-time.

　　As UST began to fall, and then continued to fall, questions arose: How could a stablecoin become so... unstable？ Why hasn't it ceased？ Why did this only happen with UST and not with other stablecoins pegged to the dollar？

　　Jonathan Wu of Aztec delivered a concise crash course that analyzed the depegging in real time.

　　As with any suffering transmitted through Twitter, reactions to UST's demise drew both concern and arrogant enjoyment. Some, such as Messari Crypto founder Ryan Selkis, warned that the day's events could have far-reaching consequences beyond Terra's success or failure.

　　In addition to financial ramifications, Tezos inventor Arthur Breitman foresaw a public backlash against all crypto stakeholders.

　　Twitter's crypto residents grabbed their screens as UST dropped lower and lower, with each hour presenting a new, unprecedented reality. What seemed catastrophic at 5 p.m. became a miracle by 6 p.m., according to crypto journalist Laura Shin.

　　Despite the fear surrounding the events of the day, industry leaders claimed to be unmoved. The founder of FTX, Sam Bankman-Fried, stated that the demise of a stablecoin would take a long period.

　　And Mark Cuban hypothesized that the supposedly unusual era in crypto history corresponded to the early-2000s growing pains of Web 2.

　　Emin Gün Sirer, co-founder of Avalanche, even stated that the occurrence had precedent in the area of crypto and stablecoins.

　　Nonetheless, such contextualization did not appease the numerous Crypto Twitter users who were concerned by Terra co-founder Do Kwon's extremely public, real-time management of UST's breakup. As Kwon live-tweeted Terra-supporting Luna Foundation Guard's (ultimately fruitless) efforts to lend billions to shore up the stablecoin, others couldn't help but notice the strategy's obvious flaws.

　　And, because it's Twitter, some couldn't help but seize the opportunity for some delicious vengeance. Cardano CEO Charles Hoskinson unearthed an old tweet in which Kwon mentioned buying ADA, Cardano's cryptocurrency, for its negative connection with Terra's own coin, LUNA (implying that ADA's decrease was a natural outcome of LUNA's gain). Hoskinson threw another straw behind Kwon as UST and LUNA plummeted.

　　UST was restored to a price of $.82 as of this writing.

　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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