Now its time for Terra (LUNA) to pump.
Terra LUNA (LUNA) surges by over 200% in 3 hours to record highs, jumping to 56th position of largest assets by market cap, from the previous 205th.
Terra (LUNA) is following in the footsteps of its sister asset but at a more profound scale. Following an extensive consolidation at the $1.9 level for months, LUNA surged by over 240% in 3 hours on Friday. Per data from CoinMarketCap, as of 10 AM (UTC) on Friday, LUNA was trading at the $1.97 zone. Notwithstanding, the asset rallied by over 240% to a 3-month peak of $6.84 at 1 PM (UTC).
LUNA’s outstanding surge has stunned the crypto community, especially considering current market realities. Nonetheless, LUNA would not be the first asset to stage such a stunning rally, as Terra Classic (LUNC) made similar movements that remained sustained for over a week.
This abrupt price rise raised LUNA’s market capitalization by over 200% – from a marketcap of $264M to $872M – in just a few hours. This jump took the asset from its position of 205th to 56th largest asset by market capitalization, towering over prominent assets such as Huobi Token, USDD, Lido DAO, Helium, PancakeSWAP, PAX Gold, DASH, and NEXO.
LUNA’s recent run has begun to lose steam at the reporting time, but the asset remains the highest-gaining token in the past few hours. In addition, LUNA’s valuation has seen a slight reduction to $767M as of press time, bringing it down to the 57th position.
Conversely, Terra Classic (LUNC) appears to have hit some hurdles in its rally, as the asset has begun shedding some of the gains picked up in the past few days. Despite the green market, LUNC has dropped by 10.61% in the past 24 hours, raising concerns about a massive dip from this level. Some market watchers made the such forecasts in the past.
Notwithstanding, the asset has retained its position in the top 30 assets by valuation, sitting at 28th with a market cap of $2.82B. The rallies from LUNC and LUNA illustrate a recently increasing interest in the Terra assets. LUNAtics have particularly interested in LUNC, seeking to revive the asset. The community is looking to achieve this with the recent 1.2% tax burn proposal and the staking mechanism.
These moves have drawn attention to LUNC, and it appears the attention has spilled to LUNA. Some proponents, however, are not excited about the recent rallies and are advising investors against jumping on the assets. LUNA currently trades at $6.01 at the time of reporting, up by 209% in the past 24 hours.