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, but 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.
As you can remember from cryptokoin.com news, UST, the algorithmic stablecoin of Terra ecosystem, lost its $1 anchor in the market crash and is paired with Terra’s governance token. He dragged LUNA with him.
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 rapid and very sharp decline and its price was almost zero, some investors may be investing on the basis of the high movement in fractional prices 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.
As we also 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.
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