The collapsed cryptocurrency LUNA, governance token of the Terra ecosystem, has more than tripled within the past 24 hours.
The performance of Terra (LUNA) according to the crypto price tracker TradingView.
The spike sent the token’s market capitalization to a shade under $1 billion, jumping to $995 million from $321 million — a 209% increase, according to the cryptocurrency data tracker CoinGecko.
The performance of Terra (LUNA) according to the crypto price tracker TradingView.
While there’s no direct explanation for Terra’s meteoric jump, The Block Researcher Keven Peng suggests that it could be tied to ATOM’s activity.
ATOM, the main token for the ecosystem of blockchain Cosmos, saw a spike early Friday morning. Terra (LUNA) is built on top of Cosmos. So LUNA’s increase might be a secondary effect of Atom’s increase.
The LUNA crash from over $65 to less than $1 in May of this year destabilized the TerraUSD (UST) stablecoin ecosystem and spread to other crypto ecosystems such as NFTs, Terra founder Do Kwon is adamant that the Terra ecosystem can recover.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About Author
MK Manoylov is a reporter for The Block covering NFTs, blockchain-based gaming and cybercrime. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP).
Source: https://www.theblock.co/post/168943/lunas-price-more-than-triples-pushing-market-cap-near-1-billion?utm_source=rss&utm_medium=rss