Terra (LUNA) has emerged as one of the top gainers in the cryptocurrency market today with a significant double-digit price increase.
This sharp rise coincides with founder Do Kwon’s sentencing scheduled for today and recent ecosystem updates that have brought attention to the network.
why? earth (moon) Token price skyrocketing?
The altcoin started rising late last week, and its momentum accelerated on Monday following the v2.18.0 network upgrade. Major exchanges such as Bybit and Binance supported this update and temporarily suspended deposits and withdrawals to ensure a smooth transition for users.
This contributed to a notable improvement in market sentiment. In fact, the token soared to a seven-month high yesterday. The upward trend continues today.
According to data from BeInCrypto Markets, LUNA price has increased by 55.58% in the past 24 hours. At the time of writing, the altcoin was trading at $0.232.
Terra (LUNA) price performance. Source: BeInCrypto Markets
Notably, today’s surge makes LUNA the second-largest daily gainer on CoinGecko. Trading activity also increased, with daily trading volume jumping 192.10% to over $700 million.
Besides the network upgrade, another big catalyst for increased attention was the ruling of Do Kwon, founder of Terraform Labs.
Mr. Kwon is scheduled to appear before Judge Engelmayer in the Southern District of New York today. The Justice Department is seeking a 12-year prison sentence.
However, one analyst pointed out that the text may differ from the request. Prosecutors had sought a sentence of 40 to 50 years, but Sam Bankman Freed was sentenced to 25 years in prison. Alex Mashinsky received a 12-year sentence despite a 20-year sentence.
“I’m not going to speculate on exactly how many years he might live, but it’s naive to think he’ll live out more than 12 years, especially considering the time he served,” Camol posted.
Nevertheless, Tokenex has expressed concern about LUNA’s price increase and warned traders not to view this surge as a genuine recovery.
“This is not a comeback. This is not fundamentals. It is just community-driven trading pressure. The real Terra ecosystem disappeared in 2022. This new LUNA has no story and no lasting value. It only moves when traders feel like betting on volatility,” Tokenex wrote.
As the verdict approaches, the community is not only interested in LUNA, but also in Terra Luna Classic (LUNC). The renewed attention has propelled both tokens to the top of CoinGecko’s trending list today.
BeInCrypto reported last week that the price of LUNC soared 100% after a journalist wore a vintage Terra Luna T-shirt at Binance Blockchain Week in Dubai.
So, while both LUNA and LUNC are back in the spotlight, market participants remain divided on whether the recent rally represents a true revitalization or simply another breakout due to volatility.
The post Terra (LUNA) Surges Over 55%: Here’s What’s Driving the Rally appeared first on BeInCrypto.