Luna is Up 3,000% In The Last 24 Hours

May 14, 2022 7:37 pm

As a result of Terra’s co-founder’s new recovery plan announcement, Luna skyrocketed.

According to Coinmarketcap Luna has been trading over 3,000% in the last 24 hours, and the main reason behind the recent surge is due to Terra cofounder Do Kwon’s new recovery plan for Luna.

Kwon’s new recovery plan suggests that a reset of the network that would send over 1 billion tokens to old and new holders could help revive the project.

Just hours after Terra co-founder Do Kwon announced a new recovery plan crypto exchange Crypto.com and Kucoin both restored Luna trading.

 

 

KuCoin exchange has resumed has also resumed deposits and withdrawals.

Watcher.guru shared these details:

Terra’s LUNA has staged a mini-comeback within the last 24 hours as its value had risen by over 3000% to trade as high as $0.00058798, according to data on Coingecko.

In the last few days, the crypto industry had witnessed one of its worst sell-off with Terra blockchain suffering the most.

The Layer 1 blockchain, which was among the top 10 largest digital assets by market cap, saw the value of its native token, LUNA, tank by 100%. To put it in perspective, the crypto asset was trading for over $70 just a week ago.

Aside from LUNA, UST, the network’s stablecoin also lost its peg and became the latest failed algorithmic stablecoin. LUNA’s recent price rally is almost insignificant especially when it is compared with the massive decline that preceded it, however, the rise came in tandem with the revelation of Terra’s founder, Do Kwon, on how the ecosystem could bounce back to glory.

We reported that Kwon had proposed a reset of the network to 1 billion tokens which would be shared amongst old and new LUNA and UST holders while a substantial part would also be kept for the community’s continued growth.

This might have played a role in renewing interest and trust in the project based on the reactions trailing its price rise on social media.

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