- LUNA witnessed a 100% jump over the weekend.
- The coin starts the week with a 30+% gain in the last 24 hours.
- Some of the reasons for LUNA pumping are LUNA burning, the hard fork proposal, and the difficulty shorting LUNA.
Over the weekend, the volatile Terra (LUNA) crypto witnessed a 100% pump. This follows the aftermath of its price dropping 100% early this month. The tragic drop saw its stablecoin TerraUSD (UST) de-peg from the dollar, wiping off billions of dollars of investors’ wealth. This also attracted a fair level of regulatory scrutiny around stablecoins.
At the time of writing, Terra (LUNA) is up around 30.69%, according to data from CoinMarketCap. Let’s look at some of the possible reasons why LUNA is pumping.
The first possible reason why LUNA is pumping may have something to do with project founder Do Kwon’s proposal to burn the Terra Luna token and cap the supply at 1 billion. This process involves sending LUNA to an off-chain “burn” wallet address that can only be used to receive crypto and no other purpo …