$LUNA, created from the ashes of the Terra blockchain’s implosion early this year, quickly jumped 200% for no clear reason on Friday, nearing an all-time high. sndr_krisztian reports
as traders got excited about a new burn scheme that would reduce the token’s hyperinflated supply, as CoinDesk reported yesterday. The rally has somewhat stalled since then, as the coin slid 17% in the past day.
Crypto market watchers are puzzled about LUNA’s wild price movement as there hasn’t been any news or development specific to the network that would ignite hype amid retail traders. by digital asset social intelligence platform LunarCrush points to a retail speculative frenzy, as mentions and engagements on social media platforms have shot up recently.
Chatter about LUNA recently heated up on social media platforms, pointing to a speculative retail frenzy. So far, the new Terra blockchain struggled to attract investors to its ecosystem. The network’s total value locked – an important metric in decentralized finance (
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