The cryptocurrency LUNA, which powers the Terra ecosystem, is currently experiencing an unusual spike in its price. After a long accumulation and controversies, the LUNA price sharply increased over the past two days.
The coin saw a more than 260% increase in volume over the past 2 days when it was trading for $7.06 on CoinMarketCap. In light of the simultaneous collapse of Terra’s UST stablecoin and the Luna cryptocurrency, we are now attempting to fix those broken glasses.
Additionally, the Terra tokens are seeing a large increase in demand as the Terra community prepares for a revival. As a result, the price of LUNA rose and reached a high of $7.65.
LUNA Volume Erupts Like a Volcano
Binance accounted for 32% of the $1.75 billion in total 24-hour trading volume. Additionally, bitcoin is up 8.6% in one day.
According to the cryptocurrency data tracker CoinGecko, the surge increased the token’s market valuation by 209%, from $321 million to $995 million, or just under $1 billion.
CryptoKitties’ analysis provided some additional insight into this topic, looking at the volume of the token. Over the past few hours, Terra’s trading volume has unexpectedly increased from around $6 million to over $200 million.
On the Binance exchange, LUNA trades for over 60% of its total volume, with OKX accounting for about 25% and Gate.io for 5.4%.
Following such a significant uptick, LUNA’s social metrics confirmed the same trend, tweeted by LunarCrush. In a tweet on September 10, the social intelligence cryptocurrency platform added,
The TeraUSD (UST) stablecoin ecosystem was shaken in May when the price of LUNA crashed from under $65 to under $1. However, Terra’s creator Do Kwon is certain that the Terra ecosystem can revive. As of the time of publication, Kwon announced this by posting an emoji of a hammer and a spanner on his Twitter page.
