The price of Terra (LUNA) abruptly increases by over 25% on Wednesday, reaching a high of $3.08. The price surge coincided with the LUNA wormhole token trading Lido Staked ETH (stETH) tokens and rising to the top of the top 100 Ethereum whales in terms of dollar value.
Wormhole Token for Terra (LUNA) Flips Staked ETH (stETH)
The LUNA wormhole coin flipped Lido Staked ETH (stETH) to become the top dollar holding among the top 100 Ethereum whales, according to WhaleStats. 25.06% of all token holdings, excluding ETH, were made up of LUNA tokens. The top 100 Ethereum whales collectively own LUNA wormholes worth roughly $820 million. The cryptocurrency even outperformed the top 100 whales’ holdings of USDC and USDT. As the whales exploited the Wormhole interoperability protocol token to depart liquidity, the token caused a rise in the Terra (LUNA) token. In the most recent few hours, the Terra (LUNA) price spiked to a high of $3.08 and the trading volume reached about 150%.
The LUNA wormhole tokens, however, were exchanged for USDC, USDT, and Bone ShibaSwap (BONE). As a result, the values of ETH and BONE have increased by over 1% and 10%, respectively, in the most recent few hours.
Additionally, discussions between Bull and Terra Classic validator LUNC DAO.
Whales are the underlying cause of the LUNA price increase, according to BnB. In a $7 pump last month, the whales made money. Whales are currently attempting to leave liquidity. In the meantime, with the price of TerraClassicUSD (USTC) down more than 17% in the previous day, whales and traders have also left the market.
Pressure on the Terra Classic (LUNC) Price
In anticipation of the U.S. CPI statistics and the strengthening of the U.S. dollar index (DXY), Terra Classic’s (LUNC) price is also under pressure. LUNC is currently trading at $0.00028. Terra Classic’s 24-hour low and high are $0.00027 and $0.00030, respectively.
Bull and LUNC DAO.
BnB concur that the communities of LUNA and LUNC are separate. The Terra Classic community has no faith in Do Kwon or LUNA.