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Terra LUNA retakes top spot of most trending crypto as traders bet on price rise

Terra LUNA retakes top spot of most trending crypto as traders bet on price rise

Volatility to crypto traders is nothing new, and the turbulence for the Terra (LUNA) ecosystem and its subsequent relaunch as LUNA 2.0 in the last couple of months has not been favorable. Despite the recent scandals, LUNA has managed to recover some of its value in the last seven days gaining over 30%.

Over the past 24 hours, LUNA has once again reclaimed the lead as the most trending crypto, according to CoinMarketCap data. 

Indeed, LUNA is the most searched on the CoinMarketCap platform out of all the cryptocurrencies as of August 2, followed by PancakeSwap (CAKE) and Terra Classic (LUNC), the original chain of the collapsed Terra ecosystem, in the third spot. 

Most trending cryptocurrencies July 18. Source: CoinMarketCap 

Despite trending, the price of the cryptocurrency has seen a drop of 15.46% in the last 24 hours, trading at $2.14 at the time of publication. 

Still hope for LUNA

It’s worth mentioning that the Terra ecosystem had shown signs of life and recovered somewhat from the crisis when its algorithmic stablecoin became unpegged from the dollar. The climb in the last seven days is indicative that the investors believe that LUNA and Terra Classic can succeed in the crypto space. 

Meanwhile, LUNC continues to gain interest among investors, its weekly market volume has reached $1.1 billion as of August 2. Despite its collapse in May, the token appears to be earning the support of its community as it continues to trend.

However, the fact that the value of both assets has decreased over the past 24 hours, suggests that the price volatility associated with both cryptocurrencies has not yet been eliminated.

Negative sentiment continues 

Further, a team of investigators from the Seoul Southern District Prosecutors Office raided several local cryptocurrency exchanges, including Upbit, on July 20. Moreover, transaction records and materials considered valuable for the investigation have been seized, in an attempt to straighten out the significant losses that ensued for the investors.

Finally, the Ministry of Justice of Korea issued a “notice upon arrival” for Terraform Labs CEO Do Kwon and a travel restriction for Terra cofounder Shin Hyun-Seong as the investigation of the collapse continues.

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