Terra (LUNA) Price Rebounds, Major Correction Expected

Terraform Labs Legal Team Quits Amid Recent Catastrophic Events
  • Terra has been up 3.57% in the last 24 hours.
  • Terra has risen to the second position, surpassing Ethereum in the rankings.

Due to a recent price increase, LUNA tokens have overtaken Ethereum as the second most heavily staked main digital currency in TVL. Terra’s LUNA presently has over $29 billion in Total Value Locked.

According to the statistics report, approximately 226,325 LUNA token holders are worth $29.5 billion in staked LUNA tokens. Thus, the network has risen to the second position, surpassing Ethereum in the rankings. On the other hand, Ether has $24.9 billion in staking capacity locked up.

Even as tokens strive to fuel the crypto industry, there has been no significant upward surge. Bitcoin’s value is now hanging at $38K, having failed to breach $40,000. At $2,567.39, ETH is down by 0.9 percent. In their efforts to recover, the other tokens follow the same pattern.

Massive Correction Predicted

According to experts, LUNA is predicted to make a massive correction. The experts predict Terra (LUNA) to succumb to the price of $51. The decentralized finance (DeFi) payment network would suffer because of its dependence on the Terra-based stable coin TerraUSD.

LUNA/USDT: Source: TradingView

Stablecoins like TerraUSD may be created by burning Terra’s native asset, LUNA, on the Terra blockchain network (UST). Stablecoin holders can either convert their UST to LUNA or deposit their assets with lending platform Anchor Protocol (ANC) and earn an annual percentage return of 19.5%. (APY). Blockchain technology Terra employs stablecoins based on fiat currencies to provide price-stable worldwide payment networks.

According to CoinMarketCap, the Terra price today is $90.73 USD with a 24-hour trading volume of $2,813,065,798 USD. Terra has been up 3.57% in the last 24 hours.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.