The Terra (LUNA) token and its stablecoin UST crashed down to the ground in a historic dump. Almost every big crypto trading exchange in the world delisted both the tokens from their platforms. LUNA lost 100% of its value in just 7 days. However, the latest price update of the token has raised some suspicion among investors.
LUNA price up by 1500%
The LUNA token price has surged by a massive 1500% in the last 24 hours. It is trading at an average price of $0.00049. Earlier, Terra announced that its blockchain has resumed production block after the massive crash. While the validators agreed to disable on-chain swaps.
Luna’s 24 trading volume has surged by a huge 2000% to $6.8 billion. Meanwhile, Terra’s meant to be dollar pegged stablecoin UST is also up by 23% in the last 24 hours. UST is trading at $0.215, recovering from the heavy dump. It still holds a total market cap of over $2.4 billion.
The Biggest crypto exchange, Binance opened the spot trading for LUNA/BUSD and UST/BUSD on its platform. It also authorized the deposits and withdrawals for both the token at the same time. However, it dropped a warning for investors to do their own research on the fundamentals of the tokens.
Will Terra utilise its BTC reserve?
Trading has been very volatile for the LUNA in the past 24 hours. This sudden surge in the price of a dead coin raises some straight questions. Is this another rug pull or Bull trap laid by the experts to fetch more money?
Do Kwon, the founder of Terra, laid down how he felt for the community and holders who lost their fund in the historic UST depegging. He mentioned that the team is working on documenting the utilisation of its Luna Foundation Guard Bitcoin reserves at the time of depegging event. As per reports, the LFG BTC reserve holds around 70,736 Bitcoin.