Following the tragic crash of Terra USD (UST) and Terra LUNA (LUNA) which saw UST completely de-peg from the U.S. Dollar and the price of LUNA fall to $0 on some exchanges, LUNA has risen by 500% in the last 24 hours.
Looking at the daily chart for LUNA/BUSD, the price of LUNA has risen quite a bit. Of course, LUNA’s price rise in the last 24 hours is still dwarfed by the crash in its price. Nevertheless, the price of LUNA has risen almost 600% against BUSD.
The rise started yesterday after Binance posted that it would open up trading again for LUNA/BUSD. This saw the price of LUNA rise from $0.00005482 to its current standing at $0.0002759 in just the last few hours.
Following the aftermath of the crash, members of the crypto community are questioning why the price of LUNA has risen so much in the last few hours, and have also shared the collective belief that the price rise may not continue much longer.
According to some in the community, the price rise is a disaster management ploy to attract some liquidity and help LUNA holders who were impacted by the crash to recover some of their losses.
On the other hand, there are crypto community members that feel that LUNA will bounce back as the CEO of Binance and a few other notable crypto individuals contribute towards a potential LUNA recovery. It’s still uncertain as to what the driving factor behind the price spike is at this point. It may just be investors capitalizing on one of the biggest discounts in the history of crypto.