The price of LUNA increased by a staggering 150% in less than an hour as the cryptocurrency’s volatility increased.
The Terra ecosystem’s underlying cryptocurrency, LUNA, is experiencing extreme volatility at the time of writing.
In the last hour alone, the price of LUNA has increased by a staggering 150% and almost reached $5. The volume of the transaction was notably higher than that of prior days.
As seen in the following chart, LUNA’s price surged by a staggering 150% in less than an hour and is presently trading at approximately $4.7.
As the succeeding candle had an amplitude of almost 20%, it is also obvious that the volatility has increased significantly.
This resulted in a significant number of liquidations of that coin. In less than an hour, the market lost about $7 million in leveraged positions.
It is also worth mentioning that the decision was made immediately after LUNC, the cryptocurrency that supports the original version of Terra’s ecosystem, soared around 100% each week. Major exchanges, like KuCoin and GateIO, expanded their support for the protocol’s tax-burn mechanism.
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