Right now I think this is greatly affecting Luna price on exchanges, hours ago luna was trading for 54$ and right now its down to 35$, this is one of the most performing altcoins out there, they need to come up with a good plan or else Luna will go down to zero.
Luna dropped to $25 many hours ago, it dropped to $23 few hours ago and have never gotten back to $54. But it was trading around that price yesterday. As cryptocurrencies are falling in price, more dawn on Luna that fall most among the coins with high marketcap, the coin is extremely volatile.
There is no way for it to recover at this point.
Expect all other algorithmic stablecoins to follow.
The reason to go for fiat back stable coin, if people see fiat to be a stable currency, then goin for fiat backed stable coin is the ight thing to do. Algorithmic stables coin has been disappointing in the past, most of them are unstable coins.