A disastrous altcoin for the cryptocurrency market is rallying over 3,300% in May. The support of major stock exchanges was effective in the rise.
This altcoin has done 3x in a short time
Terra (LUNA), the second attempt of the May crash, is moving up at the same pace this time. The LUNA price surged almost 3x from $1.91 to $7.82 on September 9. The trend continued on Saturday and LUNA price remained above the $6 level.
LUNA is currently trading around $6 after peaking at $7.20 with substantial trading volume. Meanwhile, trading volumes increased by a staggering 3,300%. LUNA has also become the 57th largest cryptocurrency by market cap.
Terra LUNA and UST have been a disaster for the altcoin market
Terra UST price lost its dollar stability on May 7, pushing the limits of its algorithmic mechanism. Printed to stabilize the UST price, the LUNA ended itself due to hyperinflation. Following the crash, the community accepted Proposal 1623, which proposes the creation of a new Blockchain and the launch of an airdrop of new tokens for ecosystem participants.
On May 28, 2022, the new genesis block began to run future operations under the name Terra (LUNA), which replaced the previous Terra, which was renamed Terra Classic. Additionally, the original native token has been rebranded as LUNA Classic (LUNC).
Crypto market watchers are surprised by LUNA’s unusual price action. This is because there are no network-specific news or developments that would excite individual investors. Data from LunarCrush, mentions and engagements on social media platforms have been increasing dramatically recently. At the same time, it shows an individual speculative frenzy. However, some market participants believe that “the whales sell their LUNC to buy the LUNA and vice versa.”
cryptocoin.com As you followed, LUNC rallied in response to the idea of burning 1.2% gas, which would reduce the token supply. This offer includes the participation of major exchanges.
1.2% gas burn to reduce LUNA supply
The Terra community will apply a 1.2% gas burn on transactions involving LUNC and USTC that take place on the Terra Classic network. After the proposal is submitted, gas burning is expected to take effect on September 20 at Terra Classic block height 9,475,200. In a recent blog post, Binance announced that it will support gas burning efforts. Binance has also added LUNC cross margin options. Binance futures will also launch LUNA perpetual contracts with up to 25x leverage on September 10.
