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Breaking: Terra (LUNA) Price Explodes Over 200% And Hit Almost $7, Here's Why


coingape.com 09 September 2022 17:02, UTC
Reading time: ~2 m

The Terra (LUNA) price has almost hit $7, skyrocketing over 200% in just a few hours. The price rally is backed by a massive trading volume of over $2 billion, up 850% in the last 24 hours. Terra community successfully pushed the Terra Classic (LUNC) price to the $0.0005 target, a rally of 300% in 10 days.

Terra (LUNA) Price Skyrockets, Enters Top 60 Crypto List

All Terra tokens are witnessing a massive pump as the Terra community aims for a historical comeback. The Terra Community is pushing the Terra (LUNA) price to the $10 target.

Similar to Terra Classic (LUNC), the daily trading volume of Terra (LUNA) jumped over $2 billion in just a few hours. The 24-hour low and high are $1.90 and $6.91. Therefore, an over 200% jump was recorded, which pushed the price to almost $7.

Moreover, Terra has now entered the top 60 crypto list and ranks 58th on CoinMarketCap. The market cap of LUNA is $760 million. Yesterday, the community pushed Terra Classic (LUNC) to hit the $0.0005 target, making LUNC rank in the top 30 crypto list.

Terra (LUNA) Liquidation. Source: Coinglass

As per data by Coinglass, among $13 million in LUNA liquidations in the last 24 hours, over $11 million liquidations were in short positions. Okex, CoinEx, and Huobi account for almost 80% of shorts liquidated. It pushed the price to rally higher.

At the time of writing, the LUNA price is trading at $5.87 after a slight profit booking.

Terra Classic (LUNC) Price Recovery

The Terra Classic (LUNC) price has skyrocketed 37,000% since the Terra-LUNA crisis. The community has successfully hit the $0.0005 target and now looks to hit $0.01.

Moreover, several exchanges including Binance, KuCoin, Huobi, MEXC Global, Gate.io, CoinInn, and others have announced support for the Terra community’s 1.2% tax burn proposal. The proposal is under voting, and current voting shows the community and validators have already approved the proposal.

The community hopes Binance will soon implement the 1.2% tax burn on off-chain activities such as spot and margin trading.

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