Bitcoin, Ethereum, Dogecoin Ended Week On High Note — But Terra (LUNA) Coin Stole The Show 180% Surge – Bitcoin (BTC/USD)

The native token of Terra LUNA/USD shot up over 180% for the week amid a market that saw major coins such as Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD all register weekly gains.

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Why LUNA Coins Rose? LUNA, which came into existence after a hard fork of Terra Classic LUNC/USD and TerraClassicUSD (USTC), rose sharply last week. 

LUNA and LUNC parted ways after the implementation of the Terra Ecosystem Revival Plan 2. Before the hard fork, LUNC’s price had collapsed 97% after the stablecoin USTC, then known as UST, dropped to below 40 cents. 

The rise in the price of LUNC can be attributed to a community proposal to impose a burn mechanism for LUNC that would reduce the coin’s circulation. The proposal involves adding a tax of 1.2% on all on-chain transactions. The burn will go live on Sept. 20.

On the LUNA side, the buzz is surrounding the second airdrop of tokens, which was passed on Sept. 9. 

For the last 30-days, LUNC, LUNA, and USTC have soared 318.2%, 152.75%, and 77.2%, respectively.

LUNA On The Web: “FatMan” a Twitter handle that claims to provide “updates” on the Terra situation said on Saturday that TerraForm Labs sent a total of $3.9 billion USD (in UST) to exchanges including Binance and KuCoin. The whistleblower called this alleged cashing out “Crypto’s biggest fraud” and sought an explanation from Luna creator Do Kwon on Twitter. 

.@clayop tallied up the numbers – TFL sent a total of $3.9 billion USD (in UST) to exchanges including Binance and KuCoin.

Let the enormity of that figure sink in, and consider how many people’s savings that is added up. Crypto’s biggest fraud.

No explanation from @stablekwon https://t.co/qc2kCFPMHW

— FatMan (@FatManTerra) September 9, 2022

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