Terra LUNA Reclaims Top Trending Crypto Spot as Traders Bet on Rising Price

Volatility for crypto traders is nothing new, and the turmoil for the Terra (LUNA) ecosystem and its subsequent relaunch as LUNA 2.0 over the past two months has not been favorable. Despite recent scandals, LUNA has managed to recoup some of its value over the past seven days, gaining over 30%.

In the past 24 hours, LUNA has once again taken the lead as the top trending crypto, according to data from CoinMarketCap.

Indeed, LUNA is the most searched on the CoinMarketCap platform among all cryptocurrencies as of August 2, followed by PancakeSwap (CAKE) and Terra Classic (LUC), the original chain of the collapsed Terra ecosystem, in third place.

Top trending cryptocurrencies on July 18. Source: CoinMarketCap

Despite the trend, the price of the cryptocurrency has seen a decline of 15.46% in the past 24 hours, trading at $2.14 at press time.

Still hope for LUNA

It is worth mentioning that the Terra ecosystem had shown signs of life and recovered somewhat from the crisis when its algorithmic stablecoin broke away from the dollar. The rise over the past seven days indicates that investors believe LUNA and Terra Classic can succeed in the crypto space.

Meanwhile, LUNC continues to attract investor interest, its weekly market volume has achieved $1.1 billion as of August 2. Despite collapsing in May, the token appears to be gaining support from its community as it continues to evolve.

However, the fact that both assets have declined in value over the past 24 hours suggests that the price volatility associated with the two cryptocurrencies has not yet been eliminated.

The negative feeling persists

Additionally, a team of investigators from the Seoul Southern District Prosecutor’s Office raided several local cryptocurrency exchanges, including Upbit, on July 20. that ensued for investors.

Finally, Korea’s Ministry of Justice has issued a “notice on arrival” for Terraform Labs CEO Do Kwon and a travel restriction for Terra co-founder Shin Hyun-Seong as the investigation continues. on the collapse continues.

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