In early May 2022, the UST price deviated from the €1 anchor and investors began to flee Anchor, which was the main driver of UST demand. Steps to regain parity proved short-lived and UST lost its price parity again during the week of May 9, 2022, eventually falling to pennies. The collapse of the UST and the race to Anchor sent the original LUNA into a hyperinflationary cycle and the price of the token fell to pennies.

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