In early May 2022, UST’s price deviated from the $1 peg and investors started to flee from Anchor, which was the main driver for UST’s demand. Steps to recover the peg proved to be short-lived, and UST lost its price peg during the week of May 9, 2022 again, eventually falling to pennies. UST’s collapse and the bank run on Anchor drove the original LUNA into a hyperinflationary cycle and the token’s price fell to cents.
