Last week, all the lights were green for Terra. Its two tokens LUNA and LUNC saw a strong rise of more than 200%, and Friday remains the most prolific day. But the situation changed in the space of a few days. LUNA is facing a major correction, although there is still a 100% increase from last week.
Terra (LUNA) sinks 40% from its Friday high
Thanks to LUNA and LUNA Classic, the crypto universe was able to witness one of the best surges in 2022. In less than a week, the LUNA and LUNA Classic tokens experienced a major surge of more than 200%. But the euphoria will have been short-lived; since in the process, there was a major correction.
Indeed, with a value of 4.18 dollars currently, LUNA is down 18% compared to its average of last week. However, if we take only the change since Friday, the fall is even greater with -40%. Nevertheless, this drop does not mean that the two tokens are doing badly. Because, despite this severe correction, LUNA still shows an increase of more than 100% for 7 days. Over the past week, its value has practically doubled. While for whole months, the token was trading around 2 dollars without ever changing.
LUNA: On the way to another collapse after the one in May?
Last May, we witnessed the collapse of LUNA and sound stablecoin Terra USD. And experts believe it played a major role in the crypto market correction. After this fall, other Terra-related tokens have seen a significant rise, especially in the last few days. After its rise, LUNC is now depreciating, 25% in 24 hours and 20% in the last 7 days.
In addition, the defunct UST substitute TerraClassicUSD (USTC) is also experiencing a decline. USTC fell 16% in 24 hours. However, it remains up 16% in one week. Between LUNA and LUNC, it is the second token mentioned that has seen the best progress. The token benefits from community initiatives to rebuild the bankrupt ecosystem. One of these initiatives is the use of a transaction tax to decrease coins in circulation.
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