Price of Terra ($LUNA) mysteriously rises over 200% as trading volume explodes
The price of Terra’s $LUNA token has risen mysteriously over the past few hours and is now trading above the $5.9 mark, leaving most traders wondering what is happening with the price of the cryptocurrency.
According to data from CryptoKitties, Terra’s trading volume suddenly increased from $6 million to over $200 million in the past few hours. About 60% of $LUNA’s trading volume occurs on the Binance exchange, with OKX representing about 25% and Gate.io 5.4%.
The sudden price explosion has left traders on the website’s forums wondering what is happening, with some suggesting it is a pump-and-dump scheme to take advantage of those who believe in the future of cryptocurrency. Huh.
The move resulted in the liquidation of approximately $7 million in leveraged positions against the cryptocurrency, which could also suggest that a small squeeze was behind the price increase. On social media, a popular analyst and researcher known as Fatman reported that a wallet owned by Terraform Labs sent 435,000 tokens to Binance prior to the pump.
It is worth noting that the original Terra network was switched to Terra Classic ($LUNC) after the UST price plummeted and trillions of tokens were minted. As reported by CryptoGlobe, crypto exchange Cuoco has launched Terra Classic.[$ LUNC]Announced support for the 1.2% tax burn proposal of the community if “the proposal is officially approved and implemented” on the Terra Classic mainnet.
According to the proposal, the price of LUNC has increased by over 450% over the past one month period from $0.00010219 to $0.00056442. The boom was widely seen on social media, with some traders claiming the community of LUNC was not properly informed When it came to support for the Byrne proposal.
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