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 5.4%.

LUNAUSDT chart via TradingView

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.

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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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