Terra (LUNA), the most talked about topic of recent times in the crypto market, went beyond showing signs of life today, doubling according to the 24-hour time frame during the day, making people wonder.
LUNA has made a splash on the bottoms!
Terra’s token, LUNA, which created an earthquake effect in the crypto market and became an important argument for crypto money opponents, was about to begin to be forgotten, when today its heartbeat started to beat again. According to CoinMarketCap data, LUNA, which saw $0.0002165 during the day, was trading at $0.0001827, up 73.81% on a daily basis at the time of writing. On the other hand, it should be noted that these figures are not very meaningful for a crypto currency that has seen $120.
Cryptokoin.com As you can remember from the news, UST, the algorithmic stablecoin of the Terra ecosystem, lost its 1 dollar peg in the market crash and with it. It also followed Terra’s governance token, LUNA, with which it was mapped.
Terra founder and CEO Do Known and his team dramatically increased the supply of LUNA to bring UST back to the $1 peg, and the LUNA price fell to zero and was de-listed on some cryptocurrency exchanges. LUNA has been roaming the market like a zombie ever since. Today, he made a flight to get out of the pit he fell into.
But why is the token rising?
This unexpected move of LUNA has created a question mark in the minds of everyone in the market. According to experts, the price action of the token is most likely due to the fact that futures trading on major cryptocurrency exchanges has been suspended.
In addition, experts evaluate that since LUNA experienced a very fast and very sharp decline and its price was almost zero, some investors may be investing on the basis that the movement in fractional prices will be high even if it does not reach its old price. As it will be remembered, LUNA had seen an increase of 21,000% in a short time after seeing the bottom level on the FTX stock market on May 13.
Also, as we have reported as Kriptokoin.com , CEO Do Known recently presented some recovery plans and made statements about token distribution. In this statement, it was stated that LUNAs purchased later could also benefit from the new airdrop. Crypto traders, who act with the idea that such situations can create an opportunity, and which we have covered in our news recently, may also be behind this price increase.
