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New Terra LUNA Suddenly up 17%, Here's Why

Wed, 10/12/2022 - 10:29
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Tomiwabold Olajide
LUNA price stalled after speculative rally in September
New Terra LUNA Suddenly up 17%, Here's Why
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The new Terra LUNA, created after the network's implosion in May, suddenly gained over 43% as it rose from an Oct. 11 low of $2.20 to reach intraday highs of $3.15 at press time.

LUNA is currently trading at $2.85, up 17% in the past 24 hours on significantly higher trading activity. At the time of writing, trading volumes were up 118%. LUNA has also reentered the top 100, ranking as the 92nd largest cryptocurrency in terms of market capitalization.

The LUNA price stalled after a speculative rally in September. Thus, the recent price uptick is somewhat surprising as there has not been any major news except for a proposal that might incentivize Terra LUNA users and projects.

New on-chain proposal available for voting

A new on-chain proposal seeks to deliver Genie, a platform that allows projects to meaningfully segment wallets and then incentivize them through rewards. It is currently up for a vote.

Projects would be able to leverage Genie to achieve use cases such as targeted marketing, retargeting, vampire attacks, loyalty programs and more.

The community benefits as users get rewarded based on their on-chain activities and loyalty. After the proposal is approved, 60% of the funds will be sent, and the remaining 40% will not be given out until the public beta has begun. 

95,034,496 votes, or 96.47% of the total votes, were cast in favor of the proposal. The Terra Phoenix airdrop recently concluded with a total of 14,494,909 LUNA claimable by eligible users from Sep. 4 to Oct. 4.

Overall, 4,924,081 LUNA were claimed from the airdrop, representing a 25.3% claim rate. Therefore, the remaining 9,570,828 LUNA, plus the 10,000 LUNA left over from unused gas fees, has been returned to the Terra Community Pool. Out of the 10 chains indexed for the airdrop, Terra, Thorchain, Polygon and Avalanche had the highest claim rates.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.