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Terra’s market cap hovers above $1 billion as LUNA gains 15% in 24 hours

Terra's market cap hovers above $1 billion as LUNA gains 15% in 24 hours
Jordan
Major
1 month ago
3 mins read

After having a solid start to the year, the price of Terra’s (LUNA) has experienced a precipitous decline falling from as much as $96 to less than a cent in the last month.

In point of fact, the price of LUNA reached an all-time high of $119 during the month of April before losing approximately 99% of its value in the few weeks that followed.

After several days of displaying little to no effort in its performance following the price crash, LUNA is suddenly experiencing sparks of extremely volatile price performance. As things stand, LUNA is trading at $0.0001922, up 14.94% in the last 24 hours, according to CoinMarketCap.

Terra price chart 1-day. Source: CoinMarketCap

Whatsmore, the total market capitalization of the DeFi asset is $1,255 billion sitting comfortably more than a billion after briefly falling below this market worth.

Investors bet on LUNA revival

Despite the fact that Luna’s price is still a mere shell of what it was a month ago, any upward trend in its price is a very crucial factor, as many followers anticipate a revival.

The most recent price action of LUNA, on the other hand, has been received with a variety of responses. Some market professionals and participants are of the opinion that the crash that LUNA experienced was unlike anything else that the market had previously seen.

As a result, they believe that any following action should be submitted to a comprehensive analysis that is supported by facts and numbers. LUNA still remains the most trending crypto-asset despite the total crash and the founder’s $78 million tax evasion fine.

Despite the fact that the most recent spike in LUNA’s price has not been ascribed to any significant development in its camp, investors who are still hurting from the sudden loss of their assets are hopeful that it is the beginning of something good. Consequently, South Korean authorities are worried about investors betting on Terra’s comeback.

Terra founder’s ressurection plan

After making changes to the proposal while it was still being voted on, Terra’s team found themselves recently under tremendous criticism.

Do Kwon, the head of Terra, has been creating resurrection plans for investors in order to recoup part of their investments back. However, he has also changed one of these plans, which is far more significant given that he did so while proposal 1623 was being voted on. 

The Luna community was thrown into disarray as a result of Kwon’s choice to make those modifications in the middle of an on-chain vote.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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