Terra’s LUNA Plunges 37% From Recent High

Last Friday, the rebooted version of Terra’s LUNA price rose by nearly 245%. The token has gained significant value in the past ten days. However, the surge has since stopped, and the price fell close to a third from its recent high.

The CoinGecko data indicates that currently, LUNA is trading at $4.12 from the $6.71 attained on Friday, representing a 38% drop. The $6.71 price was the highest for LUNA since its launch in June as a second-generation coin that saw Initial holders of LUNA crypto receive airdrops of LUNA Classic on the launch day.

While 38% is a significant fall, LUNA maintains its current bullish trend. It’s up by 132% over the last ten days after its price hovered around $2 for nearly three months. Surprisingly, there are similar uptrends and downtrends on other coins in the Terra ecosystem.

Other Coins in Terra Ecosystem Witness Similar Pops & Drops

For instance, LUNC has recorded a 42% price drop since last Friday’s peak. In the past 24 hours, its price has fallen by 17%, and at the time of writing, it is trading at $0.0003. However, despite the current downtrend, LUNC maintains a price rise of 33% over the last ten days and 241% in the previous month.

In addition, TerraClassicUSD, previously a dollar-pegged stablecoin named UST, is currently trading at $0.046, down by 10% over the last 24 hours. However, it is still up by about 53% over the past ten days and about 60% over the past month.

For reference purposes, today’s overall crypto market is up by nearly 1%. LUNC and TerraClassicUSD, under their previous respective monikers, collapsed in May when the stablecoin lost its dollar peg, sinking the paired LUNA crypto.

Before collapsing, UST and LUNA had a collectively worth of tens of billions in dollars. Their decline led the whole crypto market to crash.

LUNA Community Spearheads Initiatives to Revive Terra Ecosystem

The recent LUNC’S rise seems to be more gradual than LUNA. That’s a result of the initiatives taken by its community to rebuild the fallen ecosystem. One of the initiatives includes; introducing a transaction tax meant for buying and burning coins to reduce supply.

To sum up, Do Kwon and Terraform Labs, the LUNA original creator, is the man trying to revive the Terra ecosystem after its crash in May. Although It remains unclear why the new LUNA rose in value over the last ten days, experts suggest that it could have been a residual effect caused by LUNC’S recent jump.

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