Terra’s LUNA token has lost about 99% of its value in the past few days. The price dropped from $75 to $0.000005 in 5 days. The token seemed doomed to disappear, but today investors found yet another twinkle of hope.
The price of the LUNA token has increased by more than 1000 percent today. Is it a final convulsion or is there still something of a Terra revival to come?
Is Terra’s LUNA token still viable?
This week, the entire Terra network collapsed. This happened when Terra’s algorithmic stablecoin, UST, lost its peg to the dollar. The decoupling happened as a number of major crypto investors dumped the stablecoin out of fear that the project’s Bitcoin reserves were not enough to maintain the peg.
This in combination with the failing technique that the UST stablecoin and the LUNA token should balance each other caused the LUNA price to crash hard.
Today we finally got some good news for the project. For example, the largest crypto exchange Binance has added the LUNA token to its platform. This is because the Terra team agreed to restart block production on the Terra blockchain.
Also, Terra founder Do Kwon, came up with a plan to revive the network. As a result, LUNA’s trading volume and price has increased by more than 1000% in the last 24 hours. Traders hope that the LUNA token is still viable. If that is indeed the case, according to them, this could be a good time to buy cheap tokens.