Bitcoin (BTC/USD) – Bitcoin, Ethereum, Dogecoin end week on high note – but Terra (LUNA) coin steals the show 180% rise
The original token of Terra LUNA/USD shot up over 180% for the week amid a market that saw major coins such as Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD all record weekly gains.
| Cryptocurrency | 7-day % change (+/-) | All-Time High value/date reached | % change (+/-) since all-time high |
|---|---|---|---|
| Terra (LUNA) | +185.2% | $19.54 on May 28, 2012 | -72.9% |
| TerraClassicUSD (USTC) | +68.1% | $1.05 on January 30, 2021 | -95.1% |
| Terra Classic (LUNC) | +61.4% | $119.18 on April 5, 2022 | -100% |
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Why LUNA Coins Rose? LUNA, which was created after a hard fork of Terra Classic LUNC/USD and TerraClassicUSD (USTC), rose sharply last week.
LUNA and LUNC parted ways following the implementation of the Terra Ecosystem Revival Plan 2. Prior to the hard fork, LUNC’s price had collapsed 97% after stablecoin USTC, then known as UST, fell below 40 cents.
The increase in the price of LUNC can be attributed to a community proposal to introduce a burning mechanism for LUNC that will reduce the coin’s circulation. The proposal involves adding a tax of 1.2% to all transactions in the chain. The burn goes live on September 20.
On the LUNA side, the buzz is around the second airdrop of tokens, which was sent on September 9.
Over the past 30 days, LUNC, LUNA and USTC have risen by 318.2%, 152.75% and 77.2% respectively.
LUNA online: “FatMan” a Twitter handle that claims to provide “updates” on the Terra situation said on Saturday that TerraForm Labs sent a total of US$3.9 billion (in UST) to exchanges, including Binance and KuCoin. The whistleblower called this alleged payout “Crypto’s biggest scam” and sought an explanation from the Luna creator Do Kwon on Twitter.
.@clayop tallied the numbers – TFL sent a total of USD 3.9 billion (in UST) to exchanges including Binance and KuCoin.
Let the enormity sink in, and think about how many savings have been added up. Crypto’s Biggest Scam.
No explanation from @stablekwon https://t.co/qc2kCFPMHW
— FatMan (@FatManTerra) 9 September 2022
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