Terra Reverses Course: LUNA Drops 38% From Recent High

Terra has slowed down since last week's abrupt increase, but the prices of LUNA and LUNA Classic have increased significantly in the past week.


#After last Friday's unexpected increase, the cost of Terra's LUNA has dropped 38%.Both coins have 

#Increased in value dramatically over the previous week, despite LUNA Classic's (LUNC) sharp decline.

Late last week, Terra's LUNA mooned as the newly revived cryptocurrency token rose 247% early on Friday. Although the token's value has increased significantly over the past week, the rise has come to an end; it is currently down more than a third from its previous peak.

According to statistics from CoinGecko, LUNA has decreased by a total of 38% from its Friday top of $6.72 to its current price of $4.17 per coin. The second-generation coin was airdropped to owners of the first-generation LUNA cryptocurrency, which has subsequently been renamed LUNA Classic, on June 1, making that price the highest for LUNA since then (LUNC). Although there has been a noticeable decrease, LUNA has kept up a good portion of its recent increase. It has increased by 133% during the past seven days, more than tripling after months of fluctuating around the $2 level.

It's interesting to note that other coins in the Terra ecosystem have recently experienced similar ups and downs in price. For instance, the price of LUNC is at $0.0003, down 17% over the past 24 hours, and down 43% since its peak in late last week. However, LUNA Classic is still up 33% for the week and 242% on a 30-day basis.

While TerraClassicUSD (USTC), formerly known as UST, a stablecoin linked to the dollar, is down 10% today at $0.047, it has increased by approximately 54% over the past week and 61% over the past 30 days. For comparison, the overall cryptocurrency market is up today by around 1%.

Under their prior names, LUNC and USTC, both of which lost their dollar pegs in early May and caused the paired LUNA cryptocurrency to fall, respectively, collapsed. The simultaneous drop of LUNA and UST, two cryptocurrencies with total market caps in the tens of billions of dollars, contributed to a wider crypto market crash.

A transaction fee that will be used to buy up and burn (or permanently destroy) coins in order to reduce the supply has been implemented by the community to help rebuild the ecosystem. LUNC's growth in recent weeks has been more steady than LUNA's.

In the meantime, Do Kwon, the project's original founder, and Terraform Labs have launched a new cryptocurrency called LUNA in an effort to revive the Terra ecosystem after its meltdown in May. It's still unclear why the revived LUNA's value increased last week, however it might have been a spillover from the LUNC's own recent increase.

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