The company behind TeraUSD and Luna, which saw a crypto market crash last month, launched a new coin. However, it is now actively being developed. For example, nine days after falling to an all-time low of $1.62, Terra’s newly created coin (LUNA2) saw a significant increase in price.
With regard to the recovery from the previous low, the value of LUNA2 reached $2.77, or an increase of 70%, on June 27th. Nevertheless, the coin is trading down nearly 77% from its May 30 all-time high of $12.24.
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According to CoinMarketCap, LUNA2 is currently trading at $2.36 and is up 8% in the last 24 hours.
Many people have been selling their cryptocurrencies since the market crash. This has made the market more liquid, even as prices have started to correct.
However, the market has started to re-establish itself since the recovery started during the last week. As a result, the level of liquidation has started to decrease, and the price of Terra has increased dramatically.
LUNA2 has a high level of risk?
During the last week of May, the new Terra network went live and started trading on exchanges such as Bybit, Kucoin, Huobi and Binance.
By adding the newly launched token to the collapsed Terra Network, the cryptocurrency trading platform has previously expressed its support for its rebirth.
In particular, the price has changed significantly on various exchanges, mainly related to trading volume. For example, the cost of LUNA2 reached $12.24 when it began trading on all major exchanges, but eventually lost all its gains due to a sharp reversal.
Similar to LUNA2, Terra UST, and Terra Classic Hikes
Despite the increased volatility associated with Terra’s recently released coin LUNA 2.0, TerraUSD has registered an increase of over 400% over the past seven days. According to CoinMarketCap, it is trading at an average price of around $0.02014. The 24-hour trading volume for UST is $83 million.
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Similarly, Terra Classic (LUNC/OLD LUNA) price has also increased significantly in the last 24 hours. As a result, the market value of the Terra Classic has climbed to $208 million. According to CoinMarketCap, the data shows that the coin was trading at $0.00008521 at the time of writing.
TerraForms Labs CEO Do Kwon, on the other hand, is currently the subject of a hacktivist organization after dealing with multiple allegations made by Terra Insider Fatman.
Featured image from Flickr and chart from TradingView.com