– After losing over 99% of its total value on Thursday, LUNAs price surged over 1000% to $0.0005395 on Saturday, igniting bullish sentiments among LUNA investors.
– This week, LUNA saw its largest sell-off yet, after UST, the algorithmic stablecoin created by Terra fell below the $1 peg, plummeting to $0.22 on Wednesday.
– The de-peg allegedly came as a result of some big crypto investors dumping the stablecoin for safer assets fearing that Terras plan to back UST using Bitcoin could backfire.
– In the process, Bitcoin also fell close to $26,000 on Thursday, bringing along other cryptocurrencies, with the entire crypto market cap plunging by over 18%.
– However, its LUNAs sudden drop that seemed to have caught the interest of most traders. After tapping an all-time high of $119.18 on April 5th, LUNA embarked on a typical pullback along with other cryptocurrencies before this weeks gargantuan sell-off.
– On Friday, LUNA suffered another blow after the Terra team announced the halt of Terra blockchain with a plan to reconstitute it, causing Binance to stop the trading of LUNA pairs.
– Despite still being significantly below its all-time high, Saturdays surge has breathed some new air into LUNA.
– While some investors have flatly remained opportunistic hoping to make a killing off of LUNAs bounce, others seem to have been stoked by Terraform Labs plan to revive the network.
– This has seen LUNAs trading volume rise by over 1000% in the past 24 hours with traders now envisioning LUNA to pull off a SHIB-like rally.
– As of writing, LUNA is trading at $0.00045, up 1,448.53% in the past day while UST is down to $0.19.