© Reuters
Investing.com – After making headlines last week due to its very strong rally of more than 200%, much of it on the day last Friday, the de Terra is now showing a severe correction.
At $4.18 currently, the LUNA is down nearly 40% from Friday’s peak, and nearly 18% since yesterday.
However, despite the magnitude of the fall, the LUNA is still showing a gain of more than 100% over a week at the time of writing.
Remember that the collapse of LUNA and its stablecoin TerraUSD in May played, according to experts, a big role in the correction of the crypto market in general, via cascading effects.
It should also be noted that other cryptocurrencies linked to the ecosystem have shown high volatility in recent days. , for example, has fallen more than 40% since last week’s peak, and has lost 25% in the past 24 hours. It shows a drop of 20% over 7 days.
Meanwhile, , the successor to the defunct UST, is down 16% 24-hours, but still holding a 16% gain week-on-week.
Note that LUNC’s rise in recent weeks has been more gradual than LUNA’s and has taken place as part of community initiatives to rebuild the crumbling ecosystem, including a transaction tax that will be used to buy and burn coins to reduce the overall supply, which could support the price.
LUNA, on the other hand, is a new cryptocurrency from original creator Do Kwon and Terraform Labs, and is its own attempt to resurrect the Terra ecosystem after the May crash. The reason for the rise in LUNA’s value last week, however, is unclear.