Terra (LUNA) is experiencing a renaissance as its price surged to about $7, having climbed by more than 200%. The increase was supported by a substantial trading volume of over $3 billion, which contributed to the rise.
Terra’s (LUNA) Resurgence
Recently, there has been a lot of activity in the Terra community as members keep working to increase the token’s worth. The Terra Network has shown astonishing signs of improvement since it went dormant. Even while the cryptocurrency market as a whole is still experiencing turbulence, the token is working to revive its flagging fortunes.
Despite this, the once-promising cryptocurrency asset is attempting to put its recent setbacks in the past, and this is an exciting time for the industry. As a result of the collapse of the Terra ecosystem, many people have given up on the cryptocurrency token.
On the other hand, LUNA is in the green after generating positive price actions during the trading session for the day. As the Terra community works toward a historically significant relaunch of the asset on the market, the value of all tokens that are traded on the Terra Network is significantly increasing.
In the meantime, members of the Terra Community are working toward the goal of driving the price of Terra (LUNA) to $10. Taking into account the performance of the tokens since their rebirth, analysts believe that the drive is feasible.
In addition to this, the daily trading volume of Terra (LUNA) rocketed up to more than $3 billion in a matter of hours rather than days. This performance is comparable to the one that was recorded for the Terra Classic (LUNC).
Both $1.90 and $6.91 represent the day’s high and low prices, respectively. As a direct consequence of this, the price went up by more than 200%, finally settling in at close to $7.
According to data provided by CoinMarketCap, Terra has re-established itself as one of the top 60 cryptocurrencies and currently ranks 58th. The current valuation of LUNA on the stock market is $760 million.
On Friday, the Terra Classic (LUNC) community was successful in pushing the cryptocurrency price beyond the $0.0005 threshold, which moved LUNC into the Top 30 cryptocurrency list.
According to data provided by Coinglass, out of a total of $13 million in LUNA that was put up for sale over the past twenty-four hours, more than $11 million was sold.
Nearly eighty percent of all liquidated shorts are transacted on exchanges such as Okex, CoinEx, and Huobi. Because of this, the price shot up dramatically.
Following a minor booking of profits, the LUNA price is currently trading at $5.87.
Also Resurrected: The Terra Classic (LUNC)
Since the Terra-LUNA market crash, the price of Terra Classic (LUNC) has increased by 37 thousand percent. In addition, the community had successfully accomplished the $0.0005 goal and is now working toward the $0.001 target.
In addition, a number of cryptocurrency exchanges, including Binance, Huobi, KuCoin, MEXC Global, and others, have indicated that they agree with the community’s suggestion to have the tax burn rate set at 1.2%.
There is currently a vote taking place on the proposal, and the activities taking place indicate that both the community and the validators support it.
The Binance community has high hopes that the exchange will soon impose the 1.2% tax burn on transactions that take place off-chain, including as spot trading and margin trading. The cryptocurrency networks that are having trouble have relied on the exchange more. It has been a dominant force in the cryptocurrency market and is the most important exchange in terms of the amount of transactions it processes.
Those who are aware with the efforts made by the community will not be surprised to learn that the Terra ecosystem has been brought back to life. The recent strong performance lays the groundwork for even greater market stability in the future.