Terra Ecosystem Coins LUNA and Terra Luna Classic Surge in Value
The prices of LUNA and Terra Luna Classic (LUNC), which are part of the Terra ecosystem, have seen significant increases in the past day. According to CoinGecko, LUNA has risen by 19.1% and is currently trading at around $0.83, while LUNC has experienced a massive surge of 39.6% and is now trading at $0.00011267.
Terraform Labs Injects $15 Million into Terra DeFi Ecosystem
Terraform Labs recently injected $15 million into the Terra DeFi ecosystem, which has likely contributed to the price rally. This injection of liquidity aims to address the “cold start problem” within the Terra ecosystem. The funds were allocated across 11 LUNA pools on decentralized exchanges (DEXs) Astroport and Ura.
Reason Behind LUNC’s Price Increase Unclear
While the reasons for LUNC’s price increase remain uncertain, it is important to note that LUNA was created in May 2022 to support the rebooted Terra blockchain after its previous collapse. Terra Luna Classic, on the other hand, is the original coin that now trades under a new name. However, it still has a long way to go before recovering its pre-crash value of $119.18.
Terraform Labs Co-Founder Do Kwon Faces Extradition
Interestingly, these price movements come shortly after Terraform Labs co-founder Do Kwon’s extradition was approved by a court in Montenegro. Kwon is sought by prosecutors in the U.S. and South Korea for his alleged involvement in the collapse of the Terra ecosystem in May 2022.
Hot Take: Terra Ecosystem Coins Experience Surging Value Amidst Liquidity Injection and Extradition Approval
The prices of LUNA and LUNC within the Terra ecosystem have seen significant increases, likely due to a recent injection of $15 million by Terraform Labs. While LUNA was created to support the rebooted Terra blockchain, LUNC is the original coin with a long way to go before recovering its pre-crash value. Additionally, the approval of Do Kwon’s extradition adds an intriguing element to the situation. The future of the Terra ecosystem and its associated coins remains uncertain but full of potential.
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