Terra (LUNA) is experiencing a renaissance as its price surged to nearly $7, up more than 200% on trading volume of over $3 billion.
Recovery of Terra (LUNA)
Terra’s community has been busy as of late, working to increase the token’s worth. Incredible growth has been seen in Terra Network recently. The token hopes to revive its flagging fortunes while the cryptocurrency market as a whole is still in disarray.
To put the setbacks in the past, however, the once-promising crypto asset is currently undergoing a period of great opportunity. Many people have written off the Terra token as a lost cause since the ecosystem collapsed.
Green indicates that LUNA’s price has moved higher during the trading day. The Terra community is working hard toward a historic relaunch of the asset on the market, and this growth has trickled down to all tokens on the Terra Network.
Meanwhile, the Terra Community is working to raise the price of Terra (LUNA) to $10. Considering the tokens’ performance since their resurrection, experts think the push is feasible.
The daily trading volume of Terra (LUNA) jumped to over $3 billion in a matter of hours. Consistent with the Terra Classic (LUNC) recording, this is a solid showing.
The day’s low was $1.90, and the day’s high was $6.91. For this reason, costs shot up by over 200%, to close to $7.
According to CoinMarketCap, Terra is once again a top-60 crypto asset, this time sitting at #58. LUNA is worth $760M on the stock market.
Community support on Friday helped Terra Classic (LUNC) break the $0.0005 barrier, moving it into the Top 30 cryptocurrency rankings.
More than $11 million in LUNA was sold over the past 24 hours, according to data from Coinglass, out of a total of $13 million in LUNA sales.
Close to 80% of all shorts are liquidated on exchanges like Okex, CoinEx, and Huobi. Because of this, the cost shot up.
Following some profit taking, the LUNA price is now at $5.87.
Revival of the Terra Classic (LUNC)
The price of Terra Classic (LUNC) has increased by 37 thousand percent since the Terra-LUNA market crash. Along with this, the community has reached its $0.0005 target and is shooting for $0.01.
In addition, a number of marketplaces have voiced their approval of the 1.2% tax burn proposal put forth by the community. These marketplaces include Binance, Huobi, KuCoin, MEXC Global, and others.
Current activity suggests that the community and validators support the proposal currently being voted on.
The Binance community anticipates that the exchange will soon begin charging a 1.2% tax burn for non-blockchain activities such as spot and margin trading. These cryptocurrency networks can now lean on the exchange for support. It has been a frontrunner in the crypto space and is currently the largest trading platform by volume.
People who are aware of the community’s efforts are not surprised by the ecosystem’s recovery in Terra. The recent success lays the groundwork for continued market steadiness.