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.
