The price of Terra (LUNA) suddenly jumped more than 25% on Wednesday, reaching a high of $3.08. The price increase came as the LUNA wormhole token became a top spot in the top 100 Ethereum whales in terms of US dollars, flipping Lido Staked ETH (stETH) tokens.

Terra (LUNA) Wormhole Token reverses with ETH (stETH) staked

According to Whale Statisticsthe LUNA wormhole token caused Lido Staked ETH (stETH) to become the largest holding in dollars of the top 100 Ethereum whales.

The LUNA token accounted for 25.06% of the total holdings of all tokens, excluding ETH. The total value of the LUNA wormhole of the top 100 Ethereum whales is nearly $820 million. The token even surpassed USDC and USDT holdings of the top 100 whales.

The token brought a rally to Terra (LUNA) token as the whales used the Wormhole Interoperability Protocol token to exit liquidity. The price of Terra (LUNA) jumped to a high of $3.08 and trading volume reached close to 150% in the past few hours.

However, the LUNA wormhole tokens have been exchanged to Ethereum (ETH), USDC, USDT and Bone ShibaSwap (BONE). Therefore, upward momentum is seen in ETH and BONE prices, which are up more than 1% and 10% in recent hours.

In addition, conversations between Terra Classic validator LUNC DAO and Bull.BnB reveal whales as the real reason behind the LUNA price pump. The whales made money in a $7 pump last month. Now whales are trying to get out of liquidity.

Meanwhile, whales and traders have also exited TerraClassicUSD (USTC), with prices falling more than 17% in the past 24 hours.

Terra Classic (LUNC) Price under pressure

The price of Terra Classic (LUNC) is also under pressure ahead of US CPI data and the rising US Dollar Index (DXY). The LUNC price is trading at $0.00028. The 24-hour low and high for Terra Classic are $0.00027 and $0.00030 respectively.

LUNC DAO and Bull.BnB agree that LUNA and LUNC are different communities. The Terra Classic community does not trust LUNA or Do Kwon.

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and is currently covering all the latest updates and developments in the crypto industry.

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 the publication is not responsible for your personal financial loss.

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