Price of UST brought down to $USD1Price of UST brought up to $USD1
When the price of UST dropped below 1 dollar, people started arbitraging it. Hard. This means they burn the UST for 1 dollar of Luna each, then sell the Luna for a profit. The problem is that selling all this Luna plummets the price. Seeing that the peg was breaking, scared UST holders started massively selling off UST directly for dollars, or burning UST for Luna and selling that off. This made the price for both Luna and UST crash even further.
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