- Since its initial crash, LUNA has made a comeback rallying by over 300 percent in the last weekend.
- Despite the backlash from the crypto community, Terraform Labs has received backing from some of the largest exchanges including Binance, KuCoin, and Poloniex.
After staying in the cold for close to five months, LUNA, the native token for the Terra ecosystem made a strong comeback last week despite the crypto market yielding under ongoing macroeconomic concerns. On Friday, LUNA which trades on some exchanges under the ticker “LUNA2” breached the $2.15 resistance and spiked roughly 307 percent to tap $7.65.
The move comes after the top-rated cryptocurrency plunged over 99 percent following the Terra stablecoin “UST” de-peg from its one-dollar mark in May. What followed was a chain reaction with major stablecoins including Tethers USDT and Circle’s USDC losing their USD peg leading to a DeFi liquidity crisis and a deeper plunge by the crypto market.
However, since Terra’s implosion, the Terra ecosystem has been trying to bounce back, stoking the interest of investors and exchanges. Following the implosion, Terraforms Labs, the firm behind the Terra project split the old chain into Terra Classic (LUNC)and LUNA 2.0(LUNA2/LUNA) promising to airdrop affected holders of LUNC, USTC and Anchor Protocol UST (aUST) with new tokens.
Terraform Labs also received backing from top…
