The Terra (LUNA) token and its stablecoin UST crashed into a historic landfill. Almost every major crypto trading exchange in the world has removed both tokens from their platforms. LUNA lost 100% of its value in just 7 days. However, the latest price update of the token has raised some suspicion among investors.
LUNA price up 1500%
The price of the LUNA token has increased by as much as 1500% in the last 24 hours. It trades at an average price of $0.00049. Earlier, Terra announced that its blockchain has resumed production bloc after the massive crash. While the validators agreed to disable on-chain swaps.
Luna’s 24 trading volume is up a massive 2000% to $6.8 billion. Meanwhile, Terra’s, intended as dollar-pegged stablecoin UST, is also up 23% in the past 24 hours. UST is trading at $0.215 and is recovering from the heavy slump. It still has a total market cap of over $2.4 billion.
The largest crypto exchange, Binance, opened spot trading for LUNA/BUSD and UST/BUSD on its platform. It also authorized the deposits and withdrawals for both the token at the same time. However, it dropped a warning for investors to do their own research into the fundamentals of the tokens.
Will Terra use his BTC reserve?
Trading has been very volatile for the LUNA in the past 24 hours. This sudden rise in the price of a dead coin raises some clear questions. Is this another carpet puller or a bulltrap laid by the experts to raise more money?
Terra founder Do Kwon expressed how he felt for the community and holders who lost their money in the historic UST depegging. He said the team is working to document the use of its Luna Foundation Guard Bitcoin reserves at the time of the depegging event. According to reports, the LFG BTC reserve contains approximately 70,736 Bitcoin.
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analyses. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post LUNA price up 1500%, time to buy or another trap?
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