It’s looking like an avalanche for AVAX. It is paying the price for being one of the collateral assets that maintain Terra's native stablecoin TerraUSD's peg with the U.S. dollar as fears of a massive selloff rise. (Reporting via bitcoinwallah)
The de-peg incident happened despite Luna Foundation Guard, a Singapore-based nonprofit backed by TerraLabs,
Their efforts helped the token recoup almost 22% of its May 11 losses, with its price rebounding from $32.50 to over $39.50.faces one strong resistance after another.
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