The price of Terra (LUNA) abruptly rose by over 25% on October 12, reaching a $3.08 high. The price surge coincided with the LUNA vortex token trading Lido Staked ETH (stETH) tokens and rising to the top of the 100 largest Ethereum whales in terms of dollar value.
The LUNA vortex coin shifted Lido Staked ETH (stETH) onto becoming the top dollar holding among the 100 largest Ethereum whales, as per WhaleStats.
25.06% of all coin holdings, with the exception of Ethereum (ETH), were made up of Terra (LUNA). The 100 largest Ethereum whales collectively own Terra (LUNA) wormholes worth roughly $820 million. The cryptocurrency even outperformed the top 100 whales’ holdings of USDC and USDT.
As the whales exploited the Wormhole compatibility protocol coin to escape liquidity, the token caused a rise in Terra (LUNA). In the most recent couple of hours, the Terra (LUNA) price spiked to a peak of $3.08 and the transaction volume reached about 150%.
The LUNA wormhole tokens, though, were exchanged for USDC, USDT, and Bone ShibaSwap (BONE). As a result, the values of ETH and BONE have increased by over 1% and 10%, respectively, in the most recent few hours.
Additionally, discussions involving Bull and Terra Classic validator LUNC DAO. show that whales are the underlying cause of the Terra (LUNA) price increase, according to BnB. In a $7 surge last month, the whales got rich. Whales are currently attempting to have a liquidity exit.
In the meantime, with the price of TerraClassicUSD (USTC) down more than 17% in the previous day, whales and traders too have left the market.
In anticipation of the United States CPI statistics and the strengthening of the dollar index (DXY), Terra Classic’s (LUNC) price is also feeling pressure. Terra Classic (LUNC) is currently hovering around $0.00028 at the time of writing.
BnB concurs that the communities of Terra (LUNA) and Terra Classic (LUNC) are separate. The Terra Classic community has no faith in Do Kwon or Terra (LUNA) for that matter.