why has the LUNA price more than tripled in the last two weeks?

why has the LUNA price more than tripled in the last two weeks?

why has the LUNA price more than tripled in the last two weeks?

About a week after Terra Classic’s LUNC peak, Terra’s LUNA 2.0 has skyrocketed to the point of triple its price. A sudden and curious rise that should be difficult to hold up in the long run.

The price of LUNA has skyrocketed

After a perennial stagnation around $ 2 that began on June 9, MOON of Earth recently observed a noticeable increase without there being a real rational explanation.

In fact, on 9 September the price of the MOON exploded, from $ 2 to $ 7.6 within 3 hours, representing an increase of nearly 300%.

LUNA course

Symbolic price LUNA

An increase that echoes the recent rise of LUNC, the Terra Classic blockchain token, which has has seen its market capitalization triple In a week.

An increase due to recent network updates, and in particular the recent implementation of a 1.2% burn-on-chain on all transactions with the aim of making LUNC a deflationary token in order to increase its value.

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Today, the LUNC is in the hands of its communitywhich is made up in particular by the LUNC DAO group, which worked to implement solutions for massive token burning.

A community that seems genuinely attached to the original ecosystem, given the monumental descent of the LUNC which has suffered a higher price (ATH) than almost $ 120 Last April.

As proof, Terra (LUNA), or Terra 2.0, still under the aegis of Do Kwonseems to struggle to arouse the interest of the public, so much so that the LUNC has a greater capitalization.

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A rise without a true economic driver

As some people have pointed out, nothing new not having really been able to influence the course of the MOON up to this point, it was not from Earth 2.0.

“It looks like degen casino season is back. The LUNA has risen 130% in the past few hours with no announcement. “

However, this could be a delayed effect of the recent airdrop of 19.5 million Luna tokens aimed at network users who could not benefit from the first airdrop after the fork.

According to the LunarCrush analytics tool, the momentum of the LUNA token purchase appears to have been largely encouraged by social networks :

LUNA social networks

MOON Chart – Price (in green), Mentions (in orange) and Engagement (in blue)

Whatever it really is, however, it appears to be with a momentary momentum. In fact, the day after the LUNA pump, the capitalization of the token exceeded the symbolic threshold of one billion dollars, but the latter is today increased to $ 800 million.

The total blocked value (TVL) of the network is displayed 47 million dollarsfar from the 21 billion peak reached by the original blockchain at the beginning of May 2022.

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Source: Lunar Crush

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