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Terra (LUNA) trading volume oscillates between extremes

 


Within just seven days, the price of the successful cryptocurrency Terra ( LUNA ) collapsed from USD 85 on May 5th to almost USD 0 on May 12th. In the course of this disastrous crash, the trading volume of LUNA also went to extremes, which means that it was able to jump by more than 200% over the weekend.


The blockchain project’s unprecedented slide had begun with the decoupling of the proprietary stablecoin UST from the $1 target, which inevitably took its toll on its sister cryptocurrency LUNA.


Crypto investors have mirrored the violent downturn with LUNA's trading volume slipping to just $178.6 million as of May 13. This low was last reached in February 2021.

However, on the same day, Terra CEO Do Kwon made efforts to limit the damage by presenting a detailed plan for restoring his project. This provides that investors who have suffered massive losses as a result of the crash of UST and LUNA will be compensated at least proportionately.


Despite the downright "crazy volatility", the cryptocurrency is an attractive bet for speculative traders, so the Terra course was able to jump a whopping 600% yesterday, May 14th, and thus give an unexpected sign of life.


With average investors now looking to cut their losses or capitalize on a possible comeback of LUNA, the cryptocurrency's trading volume has also increased again by 200% to a value of $6 billion. A remarkable number, because before the collapse, the blockchain project was averaging a trading volume of $2 billion over the past two years.


Especially on the days from May 10th to 13th, when the price of LUNA crashed particularly hard, the trading volumes were understandably at their highest levels, values ​​between 5 billion and 16 billion US dollars were reached during this period. On May 11, a new record value of 16.15 billion US dollars was recorded. Not surprising, because during this time investors tried to get out as quickly as possible in order to minimize losses.


At press time, Terra's price has recovered slightly to $0.00025 for a variety of reasons, and trading volume is also slowly stabilizing. So whether Kwon's plans will catch on remains to be seen.

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