Yesterday was a good day for the Terra (LUNA) ecosystem as the assets price saw a sudden jump of over 25% which resulted in the token’s price rising to a high of $3.08. This price rally was witnessed as the LUNA wormhole token became one of the top holding tokens among the top 100 Ethereum whales. The amount taken into consideration is in terms of U.S. dollars which resulted in flipping the Lido Staked ETH (stETH) tokens!
According to WhaleStats, the total value of the LUNA wormhole that was held by the top 100 Ethereum whales almost amounted to a total of $820 million. This rise in whale holdings of the LUNA token even surpassed USDC and USDT holdings of the top 100 whales.
Check the top 100 whales here: https://t.co/N5qqsCBeXR
— WhaleStats (tracking crypto whales) (@WhaleStats) October 12, 2022
While the whales used the Wormhole interoperability protocol token to exit liquidity, the LUNA token’s price jumped and reached a high of $3.08 while the trading volume of the Terra (LUNA) token almost saw a rise of 150% in the last few hours.
According to the CoinGape news, the LUNA wormhole tokens were swapped to Ethereum (ETH), USDC, USDT, and Bone ShibaSwap (BONE). Therefore, an upside momentum can be seen in ETH and BONE prices, up over 1% and 10% in the last few hours.
Last month, LUNA’s price rose upto 200% and hit $7! The conversations thereafter, between Terra Classic validator LUNC DAO and Bull.BnB went on to suggest that the whales might have been the real reason behind the LUNA price pump. As a result of the surge in prices of the asset, the whales incurred good returns in a $7 pump that took place last month. While the returns were incurred, as the next steps, the whales are trying to exit with the liquidity.
CoinGape also reported that the whales and traders have also been exiting from TerraClassicUSD (USTC), as the asset has its price down over 17% within the last 24 hours.
Pressure on the Terra Classic (LUNC) Price
CoinGabbar reported that in anticipation of the U.S. CPI statistics and the strengthening of the U.S. dollar index (DXY), Terra Classic’s (LUNC) price is also under pressure. LUNC is currently trading at $0.00028. Terra Classic’s 24-hour low and high are $0.00027 and $0.00030, respectively.