Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

3 Possible Reasons Why LUNA Pumped 100% Over the Weekend

Published 05/23/2022, 04:12 AM
Updated 05/23/2022, 04:30 AM
3 Possible Reasons Why LUNA Pumped 100% Over the Weekend

    • LUNA witnessed a 100% jump over the weekend.
    • The coin starts the week with a 30+% gain in the last 24 hours.
    • Some of the reasons for LUNA pumping are LUNA burning, the hard fork proposal, and the difficulty shorting LUNA.

Over the weekend, the volatile Terra (LUNA) crypto witnessed a 100% pump. This follows the aftermath of its price dropping 100% early this month. The tragic drop saw its stablecoin TerraUSD (UST) de-peg from the dollar, wiping off billions of dollars of investors’ wealth. This also attracted a fair level of regulatory scrutiny around stablecoins.

At the time of writing, Terra (LUNA) is up around 30.69%, according to data from CoinMarketCap. Let’s look at some of the possible reasons why LUNA is pumping.

The first possible reason why LUNA is pumping may have something to do with project founder Do Kwon’s proposal to burn the Terra Luna token and cap the supply at 1 billion. This process involves sending LUNA to an off-chain “burn” wallet address that can only be used to receive crypto and no other purpo ...

Continue reading on CoinQuora

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.