In a historic dump, the Terra (LUNA) token and its stablecoin UST both tumbled to the ground. Almost every major cryptocurrency trading exchange in the world has delisted both tokens. In just seven days, LUNA lost all of its value. However, the token’s most recent price update has some investors concerned.
In the previous 24 hours, the price of the LUNA token has increased by 1500%. It is now selling at $0.00049 on average. Terra has previously said that its blockchain had resumed production following the huge meltdown. The validators decided to make on-chain exchanges impossible.
Luna’s 24-hour trade volume has increased by 2000% to $6.8 billion. Meanwhile, UST, Terra’s dollar-pegged stablecoin, has increased by 23% in the previous 24 hours. UST is currently trading at $0.215 after a significant drop. It still has a market capitalization of approximately $2.4 billion.
Binance, the world’s largest cryptocurrency exchange, has launched spot trading for LUNA/BUSD and UST/BUSD on its platform. It also permitted simultaneous deposits and withdrawals for both tokens. However, it cautioned investors to conduct their own study into the coins’ fundamentals.
In the last 24 hours, the LUNA has been quite volatile. This unexpected increase in the value of a dead coin presents some serious concerns. Is this just another rug pull or a ruse set up by experts to get more money?
Do Kwon, Terra’s founder, expressed his sympathy for the community and holders who lost money in the historic UST depegging. He stated that the organization is working on recording how its Luna Foundation Guard Bitcoin reserves were used during the depegging incident. According to sources, the LFG BTC reserve has 70,736 Bitcoin.
02 Feb 2023
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