LUNA 2.0 Rose by 70% From All-Time Low, LUNC Received US $208 Million. Can This be Maintained?

After the collapse of the old native token Luna (renamed LUNC) in Terra ecosystem, a new blockchain was launched and a new token, called LUNA 2.0, was born.

After the launch of Terra 2.0 blockchain, the digital token LUNA 2.0 was as high as $30 at the opening of Bybit exchange. However, the digital assets quickly fell by 88% to $3.50, and returned to about $6, but then fell again, hitting a record low of $1.62.

The good news is that the token has begun to show signs of recovery. It is worth noting that LUNA 2.0 has increased by 70% since it fell to the lowest price in history. Despite the positive trend, the transaction price of the cryptocurrency is still far below the starting price of $30

During the interview with the reporter, according to the data provided by CoinMarketCap, the transaction price of LUNA 2.0 was $2.40, which has increased by 9% in the past 24 hours.

Has the Major Recovery of LUNA 2.0 Begun?

Predictably, the sharp decline of digital tokens prompted many investors to start selling because their confidence in cryptocurrency projects disappeared. However, in the past week, the market has begun to rebuild as the recovery begins to move. Therefore, the liquidation has begun to flatten, resulting in a sharp rise in the price of Terra(LUNA 2.0).

TerraUSD (UST) and Terra Classicc (LUNC) also Soared

In the past seven days, TerraUSD (UST)  has increased by more than 400% despite the increased volatility related to Terra (LUNA 2.0). According to CoinMarketCap, its average trading price is about US $0.02014. Ust’s 24-hour trading volume is $83million.

Similarly, the price of Terra Classic (LUNC) has also increased significantly in the past 24 hours. As a result, the market value of LUNC surged by $208million. According to the data of CoinMarketCap, at the time of writing this article, the transaction price of LUNC was $0.0001065. In the past 24 hours, the price has increased by about 18%.

At the same time, do Kwon, co-founder and CEO of Terraform Labs, continues to face public and authority scrutiny because he is suspected of participating in the collapse of Terra ecosystem.