Sunday, May 26, 2024

In Feb, price of Terra increased by 75% when $2.57 billion in LUNA tokens were burned.

2022, so far, has been quite turbulent. With the ongoing geopolitical war, there is a serious impact on the crypto market. Major cryptocurrencies, like bitcoin, also showed quite shocking dips and rises. Another asset that has emerged is Terra (LUNA).

Trends of Luna

In February, Luna sky-rocketed and surged over 75%. Such a rate is unprecedented and quite shocking. The asset reached around $91.50 around the end of the month. The most curious part of this is that such a gain is noted in February only. This was noted to be in relation to Bitcoin. The sharp fluctuations of bitcoin were quite troublesome for the traders. Some analysts say that Luna came out to be a safety net for these traders. They chose terra to counter the effect of the bearish bitcoin market.

Another piece of news that is connected to the surge is Smart Stake’s noted Terra protocol. Terra protocol burned 29 million tokens recently. These luna tokens equal around $2.57 billion. This action led to the sudden surge of the asset.

Future of Luna

Ever since then, Luna has shown a rising graph, even record-breaking levels. But things are changing now. Bitcoin is moving back to its levels, and this has an impact on traders’ behaviors. They might not want to stay invested in an alternate asset. Some experts say that it might be the end time for a bullish run of luna. There might be a down-trend emerging soon. This is because there is an underlying overbought warning in the lines of Luna. Even with such temporary turbulence, the long term perspective of luna seems positive.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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