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LUNA hits new lows as Kwon pursues plan to restore UST peg

The price of LUNA, the native token of the Terra blockchain, hit new market lows Thursday morning.
The cryptocurrency dipped below $0.30 for the first time early on May 12, hitting a low point of $0.21 as of press time, based on Binance data. Binance currently facilitates more trading in LUNA than any other exchange, according to CoinGecko.
The price of LUNA first fell below $1 yesterday, down from more than $65 at the start of the week.
Over the past few days, TerraUSD (UST) — an algorithmic stablecoin native to Terra that is supposed to track the price of the US dollar — has drastically de-pegged, throwing crypto markets into crisis. 
UST’s price currently stands around $0.60, according to Binance, but it had dropped as low as $0.02250.
Bitcoin’s price has also fallen sharply this week. At press time, the cryptocurrency is trading at roughly $26,660, having hit a local low of $26,607 on Coinbase, per TradingView data.
The fact that LUNA continues to plummet while UST ha

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