Terra, a crypto coin aimed at incentivizing online gamers to earn and spend their digital currency on games has seen an increase in price after being listed by popular cryptocurrency exchange Kraken.
The “luna terra nft” is a cryptocurrency that has been rallying by over 10% after it was listed on the Kraken exchange.
Terra (LUNA) token, which is presently the 11th biggest cryptocurrency with a market worth of $24.2 billion, has had an interesting seven days. Despite the fact that the currency saw a significant price decline that began on Friday, persisted throughout the weekend, and even into Monday, things began to turn in its favor as the week went.
LUNA has recovered from a significant price decline.
Luna surged from its lowest of $41 to an all-time high of $78.19 after a 20-day price increase that began on November 27th. It didn’t take long for it to correct to $67 before shooting again up to $72, this time to $72. However, the price correction that began when it temporarily crossed a barrier at $75 was still too powerful, and the currency sank from $78 to $50 during the following three days — between December 9th and 14th.
LUNA, on the other hand, staged a v-shaped comeback after soaring by more than 10% in only two days, making the market appear positive once again. Despite the market action over the previous week, this bullishness shows that Terra was able to avoid the negative pressure that has afflicted many other big cryptos.
Kraken might have sparked the rally.
Of course, cryptocurrencies seeing a price spike in the midst of a Bitcoin price decrease is very rare, particularly because the rest of the market followed Bitcoin’s example. LUNA, on the other hand, has one edge over the rest of the market: Kraken, a prominent crypto exchange, just declared its endorsement for the currency.
Trading will begin on December 16th, according to the notice, which went up three days ago on December 14th. The financing was already active at the time of the announcement, and order entry and execution started the day before. The support is likely to have prompted traders and investors to begin purchasing LUNA, resulting in the coin’s price rise and capacity to defy market pessimism.
Kraken recently connected LUNA with USD and EUR, making it simpler to invest directly in the currency. However, Kraken’s move may not be the only factor for LUNA’s price to move in the opposite direction of the market.
LUNA initiates the token burning process.
Since the beginning of December, LUNA has been burning tokens, which has likely contributed to its price stability at a period when the market was gloomy. It undoubtedly aided it in reaching a new all-time high. Furthermore, according to Crypto-Economy, the project’s network underwent a critical Columbus-5 Upgrade, which helped enhance the asset’s price.
In terms of the burning initiative, it’s anticipated that about 107 million LUNA tokens were destroyed, leaving them permanently locked away and unable to be re-circulated. As a consequence, supply was reduced, and the Kraken listing enhanced demand, allowing LUNA to withstand the adjustments.
Visit our Investing in Terra guide to learn more about this initiative.
Watch This Video-
The “kraken ipo” is a listing on the cryptocurrency exchange, Kraken. The market reacted well to this news and has seen an increase in price by over 10%.
- what is kraken crypto
- coins on kraken
- kraken app review