- LUNA is up 500% in the last 24 hours against BUSD.
- The crypto community is still divided on the future of Terra LUNA.
- There is no clear driving factor behind LUNA’s rise.
Following the tragic decline of Terra USD (UST) and Terra LUNA (LUNA), which caused UST to decouple completely from the US dollar and the price of LUNA to drop to $0 on some exchanges, LUNA surged 500% in the last 24 hours . .
Looking at the daily chart of LUNA/BUSD, the price of LUNA has gone up quite a bit. Of course, LUNA’s price increase in the last 24 hours is still dwarfed by its price drop. However, the price of LUNA is up almost 600% against BUSD.
The surge started yesterday after Binance published that it would open trading again for LUNA/BUSD. This caused the price of LUNA to rise from $0.00005482 to its current position of $0.0002759 in the last few hours.
In the aftermath of the crash, members of the crypto community are wondering why the price of LUNA has risen so much in the past few hours and have also shared a collective belief that the price increase may not continue for much longer.
According to some in the community, the price increase is a disaster management tactic to attract some liquidity and help LUNA holders who were affected by the crash recoup some of their losses.
On the other hand, there are members of the crypto community who feel that LUNA will recover as the CEO of Binance and some other notable crypto individuals contribute to a possible recovery of LUNA. It is still uncertain what the driving factor behind the price increase is at this point. They may just be investors capitalizing on one of the biggest discounts in crypto history.