Binance has warned that the exchange would scrap the LUNA/Tether trading pair if LUNA’s price fell below 0.005 Tether ($0.005). Shortly after Binance sent his tweet, Terra shut down his entire network. Two hours later, the network was turned back on.

The LUNA price crashes by 99%

LUNA is the official token of the Terra ecosystem. In the past 24 hours, the price has fallen to around $0.01. That’s a 99% drop for the second day in a row. At the time of writing, it was trading at USD 0.03900.

By the time Binance made the announcement, it had already adjusted the minimum trade size for several LUNA trading pairs, including the Euro, British Pound, Ethereum and Australian Dollars.

Binance has had to do this several times in the past week as the price of LUNA has fallen below the minimum trade size, making it impossible for people to cash out. The exchange has processed $6 billion worth of LUNA transactions in the past 24 hours, which accounted for about 8% of all transactions in the past day.

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