Here’s Why Terra’s (LUNA) Price Surge Took Over 200% To Nearly $7
Terra (LUNA) is in a resurgence as its price spiked to nearly $7, having increased by more than 200%, with the increase supported by a significant trading volume of over $3 billion.
Terra’s (LUNA) Resurgence
The Terra community has been active recently as they continue pushing the token’s value. The resurgence of the Terra Network has been remarkable. While the broader crypto market is still in turmoil, the token seeks to recover its dwindling fortunes.
However, this is an exciting time for the once-promising crypto asset as it attempts to put the disappointments behind it. The crash of the Terra ecosystem has led many to write off the crypto token.
Meanwhile, LUNA is green after posting positive price actions in the daily trading session. All tokens on the Terra Network are seeing substantial growth as the Terra community strives for a historic relaunch of the asset on the market.
Meanwhile, the Terra Community is attempting to push the Terra (LUNA) price to the $10 mark. Analysts believe the drive is possible, considering the tokens’ results since rebirth.
Moreover, the Terra (LUNA) daily trading volume also shot up to more than $3 billion in just a few hours. This performance is similar to the Terra Classic (LUNC) recorded.
The low and high for the day are $1.90 and $6.91, respectively. As a result, the price increased by more than 200%, reaching nearly $7.
CoinMarketCap reported that Terra is now back among the top 60 crypto assets and ranks 58th. LUNA has a market capitalization of $760 million.
On Friday, the community pushed Terra Classic (LUNC) past the $0.0005 mark, elevating LUNC to the Top 30 cryptocurrency list.
According to Coinglass data, more than $11 million was liquidated out of $13 million in total LUNA selloffs over the past 24 hours.
Exchanges like Okex, CoinEx, and Huobi represent nearly 80% of all liquidated shorts. This caused the price to surge higher.
The LUNA price currently trades at $5.87 after a small profit booking.
Terra Classic (LUNC) Also Revived
Since the Terra-LUNA downturn, the Terra Classic (LUNC) price has risen 37,000%. The community had also finally achieved the $0.0005 goal and is now aiming for $0.01.
Furthermore, several exchanges, such as Binance, Huobi, KuCoin, MEXC Global, and others, have stated their support for the community’s tax burn proposal set at 1.2%.
The proposal is being voted on, and current activities indicate that the community and validators have approved it.
Binance’s community hopes the exchange will soon implement the 1.2% tax burn on off-chain transactions like spot and margin trading. The exchange has become a pillar for struggling crypto networks. It has been a leading player in the crypto industry and is the largest exchange in terms of transaction volume.
The Terra ecosystem’s revival does not come as a surprise to those who are familiar with the efforts of the community. The recent positive performance is the foundation for further market stability.
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