LUNA triples its price sharply, with the market cap nearing $1 billion

LUNA, the collapsed token of the Terra ecosystem, saw a price spike Friday morning. With more than tripled in price, its market cap jumped 210% within 24 hours. Spike could be tied to the ATOM ecosystem pump earlier, The Block’s researcher suggests.

LUNA, a governance token of the recently collapsed Terra ecosystem, has more than tripled its price within 24 hours, while its market cap jumped 210%. A researcher at The Block suggests that the spike could be tied to ATOM’s pump on Sept. 9 morning.

(Source: TradingView )

The 209% spike sent the token’s market cap to a bit less than $1 billion – from $321 million to $995 million – according to the crypto data tracker CoinGecko.

The Block Researcher Keven Peng suggests the explanation for Terra’s huge jump, claiming that it could be tied to recent ATOM’s activity.

ATOM, the main token of the Cosmos blockchain ecosystem, saw a spike early Friday morning. Terra (LUNA) is built on top of Cosmos. Thus, LUNA’s increase might be a secondary effect of Atom’s increase.  

This May, the LUNA crash from over $65 to less than $1 destabilized the TerraUSD (UST) stablecoin ecosystem and impacted other crypto ecosystems; however, Terra founder Do Kwon is confident firmly that the Terra ecosystem could recover.