LUNA2 Recovers 70% In Nine Days From Historic Lows
June 28 2022 - 6:30AM
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The company behind TerraUSD and Luna, which sparked a crypto market
collapse last month, launched a new coin. However, it is now
developing actively. For example, nine days after falling to an
all-time low of $1.62, the price of Terra’s freshly minted new
token (LUNA2) increased significantly. Regarding recovery from the
previous low, LUNA2’s pricing on June 27 reached $2.77, or a 70%
increase. Nevertheless, the token is trading almost 77% below its
May 30 historical high of $12.24. Related Reading | Doom To
Fail: Tether Shorts Pile In As Hedge Funds Seek To Profit From
Crypto Winter According to CoinMarketCap, LUNA2 is currently
trading at $2.36 and has a gain of 8% in the last 24 hours.
After the market fall, many people have been selling their
cryptocurrencies. This has made the market more illiquid, even
though the prices have started to rebound. However, the market has
started to re-established itself since the recovery started moving
during the past week. As a result, the liquidations have begun to
level down, and the price of Terra has increased dramatically.
LUNA2 Has A High Degree Of Risk? During the last week of May, the
new Terra network became live and began trading on exchanges such
as Bybit, Kucoin, Huobi, and Binance. By adding the newly launched
token of the collapsed Terra network, cryptocurrency trading
platforms first express their support for its rebirth. Notably, the
price has changed significantly on various exchanges, primarily
related to the trading volume. For example, the cost of LUNA2
jumped to $12.24 when it began trading on all major exchanges but
ultimately lost all of its gains due to a sharp reversal. Similar
to LUNA2, Terra UST, and Terra Classic Hikes TerraUSD has recorded
a more than 400 % spike over the last seven days despite the
heightened volatility associated with Terra’s recently issued coin
LUNA 2.0. According to CoinMarketCap, it is trading for an average
price of about $0.02014. The 24-hour trading volume for UST is at
$83 million. Related Reading | Crypto Liquidations Settle As
Bitcoin Recovers Above $21,000 Similarly, The prices of Terra
Classic (LUNC/OLD LUNA) have also increased significantly over the
past 24 hours. As a result, the market value of Terra Classic has
climbed by $208 million. As per CoinMarketCap, data show the token
was trading at $0.00008521 at the time of writing. On the other
hand, Do Kwon, the CEO of Terraforms Labs is currently the subject
of a hacktivist organization after dealing with several accusations
made by Terra insider FatMan. Featured image from Flickr and
chart from TradingView.com
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