Terra Luna Cryptocurrency Price Sees Another 21% Pump – What Happens Now?
The recovery in the stablecoin price after a severe decline is excellent news for Luna crypto investors.
Terra Luna's price has increased by 21% in the 24 hours leading up to May 25.
The price of Luna hasn't risen as much as it did last weekend, when dealers witnessed a 105 percent rise. Terra Luna's price was $0.0002143 at the time, and it was $0.0001813 this time before going back to $0.00017.
On May 24, the Luna price fell to $0.0001506 as Bitcoin fell below $30,000.
What next for the Luna price?
Since May 13, when it temporarily hit an all-time low of $0.00001675, the Luna price has looked to hover between $0.0001 and $0.0002.
Traders who purchased Terra Luna at this price would have received a 915 percent return on their investment.
Luna tokens soared from roughly 350 million to a current value of 6.5 trillion during the crypto crisis, falling from a price of $80 at the beginning of May. Do Kwon, the CEO of Terraform Labs, revealed last week that Luna minting has ceased, resulting in a price stability.
Do Kwon also release the Luna burn address on May 21, revealing that approximately 300 million Luna tokens worth $51,000 have been burned to date? However, unless the number of tokens burned reaches the billions, coin burns are unlikely to effect the price of Luna.
The 27th of May will be a crucial date to keep an eye on. New Luna tokens are scheduled to be airdropped to both disgruntled Luna and UST investors at this time, and the current Luna token will be renamed Luna Classic (LUNC). There's still a lot of room for Luna to go, with coin burns, re-pegging UST, and other options on the table.
EverGrow Coin tipped to beat Luna price pumps
Two things were evident in the aftermath of the Terra Luna collapse: BUSD is the most secure stablecoin, and burning Luna is the most popular way of recovery.
In May, EverGrow Coin drew a lot of attention for integrating both of these qualities.
The hyper-deflationary token includes a transaction cost of 2%, with the remaining 2% set aside for strategic buyback and burn — although the most popular proposal for Luna burns recommends a 3% tax.
EverGrow Coin has burnt more than 52% of its supply thus yet, with no one investor deleting their own coins. If this happened to Luna, the supply would shrink from 6.5 trillion to about 3 trillion tokens, boosting the price dramatically. In addition, EverGrow Coin sets aside 8% of its transaction tax towards BUSD reflections. To far, the project has rewarded investors with approximately $37 million using a structure that discourages huge sales while also encouraging them to stay in the ecosystem with safe passive income in the BUSD stablecoin.