- The trading volume surprisingly increased by more than 1,300% in the last 24 hours alone.
- Its market capitalization exceeded $6 billion and its price per token is now $6.
- Close to 60% of LUNA’s trading volume occurs on the Binance exchange.
- Some traders believe that this is a typical “Pump and Dump” intended to take advantage of those who believe in the future of cryptocurrency.
Interestingly, the price of LUNA de Terra has skyrocketed, at the time of writing this article, by 217% to settle at 6 USD. Now the community is wondering what happened.
According to data from CoinMarketCap, the altcoin’s trading volume jumped more than 1,300% in the last 24 hours alone. Furthermore, the market capitalization exceeded $6.1 billion, making it the 57th crypto in terms of capitalization.
Close to 60% of LUNA’s trading volume occurs on the Binance exchange. While OKX represents around 25% and Gate.io 5.4%.
This increase piqued the interest of traders who took to the forums to weigh in and try to find out what caused the sudden increase in Luna. Many concluded that it is a typical “Pump and Dump”, intended to take advantage of those who believe in the future of cryptocurrency.
This move also caused the liquidation of around $7 million in leveraged positions against the cryptocurrency. On social media, a popular analyst and researcher known as FatMan indicated that a wallet owned by Terraform Labs sent 435,000 tokens to Binance before the spike.
It is worth remembering that the original Terra network was renamed Terra Classic (LUNC) after the value of UST plummeted leading to the minting of trillions of tokens.
On that note, LUNC also saw an almost 80% surge in the last week, trading at $0.0004264 after falling 17.6% in the last 24 hours.
