Terra’s LUNA Token Gains 200% in a Few Hours Amid Speculative Frenzy

LUNA, the cryptocurrency of the Terra blockchain’s recreated version after dramatically imploding earlier this year, tripled in price within a few hours time Friday, trading close to its all-time high set in early June when the token was introduced.

The token’s price skyrocketed to almost $7 from less than $2, according to data by cryptocurrency price tracker CoinGecko. At press time, LUNA is changing hands at around $6, up more than 212% in the past 24 hours with vastly higher trading volume seen during recent days.

So far, the new Terra blockchain struggled to attract investors to its ecosystem. The network’s total value locked (TVL) – an important metric in decentralized finance (DeFi) that measures how much value a protocol can accrue from investors – stood at a meager $51 million at press time, while the “old” Terra Classic blockchain’s TVL reached more than $20 billion in May before its collapse, according to DeFi data tracker DefiLlama.

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