Terra (LUNA) soared to record highs, gaining over 200% in 3 hours. After crypto traders witnessed the LUNC rally, LUNA price is now approaching $7.
Terra (LUNA) at the top of the last 3 months
LUNA follows in the footsteps of Terra Classic (LUNC). However, it leaves its mark across the market, accompanied by larger price movements. After months of consolidating at $1.9, LUNA rose over 240% in 3 hours on Friday. According to CoinMarketCap data, it was trading in the region of $ 1.97 as of 13:00 on Friday. Despite this, it rallied over 240% in a short time, reaching the 3-month high of $6.91. All this left a mark on the LUNA graph as follows.
LUNA’s phenomenal rise has stunned the crypto community, especially given the current market realities. However, the LUNA would not be the first to perform such a dramatic rally, as Terra Classic (LUNC) made similar moves that lasted more than a week.
What happened after the rally
The sudden price spike drove LUNA’s market capitalization up over 200% in just a few hours. Roughly, it skyrocketed from a market cap of $264 million to $872 million. This leap has taken LUNA from the 56th largest asset position by market capitalization from 205th place to above major coins like Huobi Token, USDD, Lido DAO, Helium, PancakeSWAP, PAX Gold, DASH and NEXO.
LUNA’s last run began to lose momentum at reporting time. However, it remains the highest earning token in the past few hours. Additionally, LUNA’s valuation has seen a slight drop to $767 million as of publication, putting it at #57.
Why is Terra rising
cryptocoin.comAs you follow, major exchanges such as Binance, Gate.io and Kucoin have announced that they will support LUNA burns. This staking and token burn mechanism involving LUNA and LUNC tokens initially had an impact on the LUNC price. Now these movements seem to draw attention to LUNA. However, some investors weren’t thrilled with Terra Classic’s latest rally. Some concerned advise investors not to jump into LUNC.
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