LUNA's price more than triples, pushing market cap near $1 billion
Quick Take
- The collapsed governance token of the Terra ecosystem saw a price spike Friday morning.
- LUNA more than tripled in price, while market cap jumped 210%.
- Spike could be tied to ATOM’s pump earlier Friday, researcher at The Block suggests.
The collapsed cryptocurrency LUNA, governance token of the Terra ecosystem, has more than tripled within the past 24 hours.
The performance of Terra (LUNA) according to the crypto price tracker TradingView.
The spike sent the token's market capitalization to a shade under $1 billion, jumping to $995 million from $321 million — a 209% increase, according to the cryptocurrency data tracker CoinGecko.
The performance of Terra (LUNA) according to the crypto price tracker TradingView.
While there’s no direct explanation for Terra’s meteoric jump, The Block Researcher Keven Peng suggests that it could be tied to ATOM’s activity.
ATOM, the main token for the ecosystem of blockchain Cosmos, saw a spike early Friday morning. Terra (LUNA) is built on top of Cosmos. So LUNA’s increase might be a secondary effect of Atom’s increase.
The LUNA crash from over $65 to less than $1 in May of this year destabilized the TerraUSD (UST) stablecoin ecosystem and spread to other crypto ecosystems such as NFTs, Terra founder Do Kwon is adamant that the Terra ecosystem can recover.
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