The price of Terra network’s native asset LUNA has seen a massive surge last week. While the value of the token was amassing significantly, it abruptly came to an end. This resulted in bringing down its price by more than 30% from its recent high.
On Friday, September 9th, 2022, the LUNA was trading around 6.72 USD. While at the time of writing it is trading at 4.54 USD, which indicates a drop of over 32%.
Price of LUNA on Friday was the highest since June 1st, 2022. This came following the launch of second-generation coin and its airdrop. The airdrop meant for the former LUNA holders, currency known as LUNC.
Considering just the drop, this could be looked at as a notable amount, However, the LUNA is still maintaining a high of more than 133% from its value last week. This is quite significant given the price of the crypto asset was staying around 2 USD.
Apart from this, other crypto assets belonging to Terra network have also been through somewhat the same journey of facing turbulence in the past several days. This counts LUNC which fell by 7% in a week, along with decline of 1.4% in just a day and currently trading around 0.00037 USD.
Rejuvenated form of the former UST stablecoin of Terra—TerraClassicUSD (USTC)—has seen a drop of over 2% in 24 hours and is trading at 0.0046%. However, it is up by more than 10% within the last 7 days.
The rise in price that LUNC witnessed in several past weeks remained somewhat slower than LUNA token. This is broadly seen as an effort from the community to reinvent the fallen collapsed ecosystem. The efforts also include a proposal of a tax burn mechanism.
Source: https://www.thecoinrepublic.com/2022/09/14/terra-price-drop-is-luna-bull-run-at-an-end/