LUNA's price exploded by a whopping 150% in less than an hour as the overall volatility for the cryptocurrency ramped up.
LUNA – the cryptocurrency behind the Terra ecosystem – is going through major volatility at the time of this writing.
In the past hour alone, LUNA’s price skyrocketed by a whopping 150% and almost touched $5. The move happened with significant volume relative to that of previous days.
LUNA’s price exploded by a stunning 150% in about an hour and is currently trading at around $4.7, as seen in the chart below.
Source: Binance via TradingView
It’s also evident that the volatility has picked up tremendously, as the subsequent candle also had an amplitude of about 20%.
This resulted in a considerable number of liquidations for that particular cryptocurrency. In less than an hour, almost $7 million in leveraged positions were wiped off the market.
It’s also worth noting that the move comes shortly after LUNC – the cryptocurrency that powers the classic version of Terra’s ecosystem – skyrocketed by about 100% weekly.
The latter happened because major exchanges such as KuCoin and GateIO extended support for the protocol’s tax-burn mechanism.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
