The cryptocurrency LUNA, which powers the Terra ecosystem, is currently experiencing an unusual spike in its price. After a long accumulation and controversies, the LUNA price sharply increased over the past two days.
The coin volume increased by more than 260% in the past 2 days, when it was trading on CoinMarketCap for $7.06. In light of the simultaneous collapse of Terra’s UST stablecoin and LUNA cryptocurrency, we are now attempting to mend those broken glasses.
Additionally, the Terra tokens are seeing a large increase in demand as the Terra community prepares for a revival. As a result, the price of LUNA rose and reached a high of $7.65.
LUNA Volume explodes like a volcano
Binance accounted for 32% of the $1.75 billion in 24-hour trading volume overall. Additionally, up 8.6% in a day is bitcoin.
According to the cryptocurrency data tracker CoinGecko, the surge increased the token’s market valuation by 209%, from $321 million to $995 million, or just under $1 billion.
CryptoCompare’s analysis provided some additional insight into this subject by looking at the token’s volume. Over the past few hours, Terra’s trading volume has unexpectedly increased from about $6 million to over $200 million.
On the Binance exchange, LUNA trades for over 60% of its total volume, with OKX accounting for about 25% and Gate.io for 5.4%.
Following such significant uptake, LUNA’s social metrics confirmed the same trend that LunarCrush had tweeted. In a tweet on September 10th, the social intelligence cryptocurrency platform added,
The TerraUSD (UST) stablecoin ecosystem was shaken in May when the price of LUNA dropped from over $65 to less than $1. However, Do Kwon, the creator of Terra, is certain that the Terra ecosystem can revive. As of the time of publication, Kwon announced this on its Twitter page by posting an emoji of a hammer and a spanner.
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Source: https://coinpedia.org/altcoin/was-terra-luna-massive-rally-a-pump-and-dump-scheme-or-or-has-a-real-use-case/