Terra price gains 75% in February as $2.57B in LUNA tokens removed from supply
The token burn appears as the supply of UST, Terra's stablecoin, rises by nearly 14.75% in the month. Terra (LUNA) emerged as one of the best performing financial assets in February, a month mired by geopolitical conflicts and their negative impacts on the crypto market.LUNA decouples from the crypto marketLUNA's price surged by a little over 75% to reach $91.50 at the month's UTC close. In comparison, the percentage performance of other top tokens, mainly Bitcoin (BTC) and Ether (ETH), in the same period came out to be around 12.25% and 9%, respectively.LUNA/USD versus BTC/USD and ETH/USD....
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The total value locked inside the Terra blockchain system has reached an all-time high of nearly $26 billion. Terra (LUNA) resumed its upward march this week as its price per token rebounded by more than 30% three days.LUNA's price almost reached $100 on March 9 following a 15% intraday rally, coming near its record high of $106 from December 2021. At its week-to-date (WTD) low, the Terra token was trading at $75.60.LUNA/USD daily price chart. Source: TradingViewOver 120 million LUNA burned alreadyThe recent bout of buying in the Terra market appeared in part due to similar recoveries....
Excessive Terra supply coupled with UST supply contraction coincides with LUNA's price decline. Terra (LUNA) has plunged significantly after witnessing a FUD attack on its native stablecoin TerraUSD (UST).The LUNA/USD pair dropped 20% between May 7 and May 8, hitting $61, its worst level in three months, after a whale mass-dumped $285 million worth of UST. As a result of this selloff, UST briefly lost its U.S. dollar peg, falling to as low as $0.98.UST daily price chart. Source: TradingViewExcessive LUNA supplyLUNA serves as a collateral asset to maintain UST's dollar peg, according to....
There is now 6.9 trillion LUNA in circulation, while the coin’s value is practically zero in U.S. dollar terms. Terra (LUNA), the in-house token of Blockchain protocol Terra, is undergoing major changes which are causing intrigue and despair in equal measure.Data released on May 13 confirms that overnight, the embattled cryptocurrency’s supply expanded to an eye-watering 6.9 trillion LUNA.6,900,000,000,000 LUNA, almost zero valueAfter a tumultuous week in which Terra attempted to rescue LUNA along with its failing United States dollar stablecoin, TerraUSD (UST), things have gone from bad....
Terraform Labs will put the proposal up for a governance vote on May 18 Asia time. On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain's market cap. As told by Kwon, Terraform Labs will put forth a new governance proposal on May 18 to fork the Terra Luna blockchain called Terra (token name: LUNA). However, the new chain will not be linked to the TerraUSD (UST) stablecoin. Meanwhile, the old....
Upon a persistent request from the Terra community, Kwon went against his initial plan and publicly shared a burn address for LUNA on May 21. The recent Terra revival plan announced by Do Kwon, the co-founder and CEO of Terraform Labs, received mixed reactions as many questioned the effectiveness of a hard fork in reviving the fallen prices of LUNA and UST tokens. Instead, the part of the community recommended burning LUNA tokens as the most plausible way to achieve a comeback.Kwon’s proposal to preserve the Terra ecosystem involves hard forking the existing Terra blockchain without the....