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

Terra (LUNA) price has almost hit $7, skyrocketing over 200% in just a few hours. Terra has now entered the top 60 crypto list.

Published by

Varinder Singh

Updated 09 Sep, 2022 | 03:43:29 PM UTC

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

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 $3 billion, up 850% in the last 24 hours. Recently, the Terra community successfully pushed the Terra Classic (LUNC) price to the $0.0005 target, a rally of 300% in 10 days. A LUNA price of $10 may be seen soon.

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 $3 billion in just a few hours. The 24-hour low and high are $1.90 and $6.91. Thus, 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 total LUNA liquidations in the last 24 hours, over $11 million in shorts were liquidated. 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.

Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by

Varinder Singh

Updated 09 Sep, 2022 | 03:43:29 PM

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