LUNA, the digital currency that collapsed The Terra Ecosystem Governance Token has more than tripled in the last 24 hours.
The rapid increase has brought the token’s market capitalization closer to $1 billion. That rose to $995 million from $321 million, a 209% increase, according to cryptocurrency tracking tool CoinGecko.
Although there is no direct explanation for Terra’s rise, The Block Researcher Keven Peng points out that it may be linked to ATOM activity.
ATOM, the main token for the Cosmos blockchain ecosystem, skyrocketed, and Terra (LUNA) was built on Cosmos, so the rise of LUNA could be a consequence of the rise of ATOM.
LUNA fell from $65 to less than $1 in May of this year. causing the TerraUSD (UST) ecosystem to loose its peg and spread to other ecosystems, for example, NFT founder Terra Do Kwon insisted that the Terra ecosystem couldrecovercan
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