Terra (LUNA) volume surges 200% as market adapts to death vortex

It took only 7 days for the Terra (LUNA) ecosystem to spiral down as the price plummeted from $85 on May 5 to nearly $0 on May 12. LUNA’s volume recovered sharply as the market slowly cleared up what had happened. Over 200% over the weekend.

As a result of the UST de-pegging that disrupted the LUNA market, LUNA investors reflected the price drop in CoinGecko. record On May 13, volume fell to $178.6 million, the last seen figure for February 2021.

LUNA’s trading volume decreased. Source: CoinGecko

Terraform Labs’ co-founder and CEO, Do Kwon, sought to control the damage on the same day, proposing a revival plan for Terra’s comeback.

Despite the risks involved, Terra’s ‘crazy volatility’ still makes it an attractive market for many short-term investors. Mainly due to the fact that LUNA temporarily gained 600% of its value on May 14th.

LUNA’s trading volume again surged more than 200% to $6 billion as investors seek to recoup their losses and others attempt to monetize Terra’s comeback. Prior to the crash, the LUNA ecosystem has consistently averaged over $2 billion in trading volume over the past two years.

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LUNA volume comeback. Source: CoinGecko

However, when LUNA prices plummeted between the morning of May 10 and May 13, trading volume surged as investors tried to cut losses ranging from $5 billion to $16 billion. On May 11, LUNA’s trading volume reached an all-time high of $16.15 billion.

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Terra (LUNA) has the highest trading volume ever. Source: CoinGecko

Due to various factors mentioned above, LUNA has regained volume and traded at $0.00025 at the time of writing. According to data On CoinMarketCap, cryptocurrency exchange Binance accounts for 68.26% of LUNA volume, KuCoin 9.52%, and FTX 1.13%.

Relevant: Crypto.com Unblocks Users and Reverses Wrong LUNA Transactions That Earn 30-40x Profits

Crypto.com users on Friday raised concerns about the cancellation of LUNA transactions on the exchange’s mobile application.

Kris Marszalek, CEO of Crypto.com, later revealed that an internal error caused the system to display the wrong price, resulting in thousands of investors profiting 30 to 40 times.

As a result, Crypto.com temporarily blocked all users’ transactions. After a day of reviewing for possible system glitches, Marszalek announced that “All user accounts have been reactivated”.

As Cointelegraph reported, the company has offered $10 worth of its in-house token Cronos (CRO) as a boon for affected investors.

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