Terra (Luna) It’s a re-created version of the blockchain after its dramatic crash earlier this year. cryptocurrency LUNA tripled its price in a matter of hours on Friday.
Thus, the token approached its record high in early June, when it was first released.
Terra (LUNA) Gains Nearly 200 Percent For No Specific Reason
According to data from cryptocurrency price tracker CoinGecko, the price of the altcoin has skyrocketed from under $2 to almost $7. At the time of this writing, LUNA was trading at around $6, up more than 211% in the last 24 hours, with much higher trading volume seen in recent days.
LUNA is trading as the native coin of the second version of Terra Blockchain. The first version wiped out $60 billion from the market value in a flash, with the collapse in May.
The collapse led to a fraud investigation against Terraform Labs, the firm that created the blockchain, and its founder, Do Kwon.
Legacy Blockchain, Terra Classic renamed and now Luna Classic (LUNC) coin and the stablecoin USTC.
Risky assets like cryptocurrencies appear to be on a general rally on Friday as multiple economic indicators point to a slowdown in the global economy and investors assess the possibility that the Fed may slow rate hikes sooner than expected and even lower rates next year.
LUNC, the coin of the collapsing Blockchain, also had a rally shortly after it announced that it would include a burning mechanism.
Those who follow the cryptocurrency market are surprised that this kind of price movement is happening, although there is no new development or news on the Terra network.
Data from digital asset social information platform LunarCrush points to an individual speculative frenzy in this altcoin network as mentions and interactions on social media platforms have increased recently.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!