Why Is Terra (LUNA) Price Up In The Last 24 Hours
✍️ 13 October, 2022 - 11:08 👤 Editor: Jakub Motyka
- Native Terra token is up 3% in daily gains, currently exchanging for 2.72 USD
- A proposed rewards distribution platform could be behind the rally.
- The latest news about cryptos, in our Telegram channel.
Terra (LUNA) has jumped 3% in the past day to consolidate weekly gains at 5.97%. At the time of writing, the token was trading at $2.72. Equally, its daily volumes have increased 172% to $735 million.
While the uptrend is not tied to any major event, Terra has proposed a new on-chain rewards platform, dubbed Genie. If it passes through, it would allow projects to segment wallets and incentivize them. The platform benefits Terra tokens through targeted marketing and loyalty programs.
The Uptick Pushes LUNA Back To The Top 100 Crypto List
The bullish momentum has driven LUNA to the top 100 most valuable digital assets, currently at 94. It boasts of a market cap worth $346 million.
Even so, there are reports that Terra co-founder, Do Kwon, sent 523,390 LUNA to a Binance wallet. According to a recent on-chain data, the transfer is traceable to a Korean crypto exchange, Coinone. The TFL executive has been faulted for making the transfer despite his promotion of Terra 2.0.
Meanwhile, Binance recently pulled down 3 billion LUNC tokens valued at slightly above 1 million USD, according to Terra Classic burn tracker. It is part of an ongoing tax burn aimed to revive the Terra ecosystem. Terra 2.0 blockchain was unveiled on May 27 this year, as a fork of the Terra Luna Classic blockchain. The latter collapsed in May, pulling along its native LUNA token.
LUNA Has Remained Volatile Since Launch
Terra LUNA/USD jumped to $19 at launch, then later dropped sharply to as low as $3. It was followed by a recovery to $7 in the subsequent week.
LUNA was airdropped to LUNC and TerraUSD holders. About 30% of the airdrop went to the token holders as of May 7, before the liquidation. LUNA dropped from $84 to $0.00009592 on June 3 when stablecoin UST depegged from 1 to USD 0.02.
The blockchain aimed at maintaining the price of UST through arbitrage. In essence, Terra 2.0 is a proof-of-stake consensus network based on Cosmos. When it went under, the South Korean government set up a Digital Assets Committee to track cryptos and probe the event.
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