Over the past few weeks, the crypto market has been filled with one form of turmoil or the other, pushing a far bigger onslaught in the cryptocurrency ecosystem.
The plunge in price across the board has dragged off the combined crypto market cap gains, which slumped below $1.15 trillion in the trailing 7-day period.
At the time of writing, the crypto industry is seeing a massive rejuvenation as traders gear up for what the week holds, especially for retail investors. Amidst this re-awakening, here is an insight into what the coming week may hold for LUNA ahead of the likely protocol forking.
Hopes for a Broad-Based Terra (LUNA) Rebound
LUNA and its associated stablecoin, TerraUSD (UST), were single-handedly responsible for the crash the market experienced in the past days. While both coins have erased more than 99% of their price valuation earlier, there seems to be some recovery for LUNA.
The coin was trading at $0.0001987 on Monday Asia trading section, an almost negligible price compared with its previous all-time high of $119. The coin has added over 70% gains as of the time of writing. While the hope for the recovery to $1 is not why investors seem energized, the news that Do Kwon’s proposal to fork the current chain will eventually pass is driving the accumulation of the devalued tokens.
LUNA holders after the crash are entitled to 10% of the new total supply, and with the snapshots scheduled for Friday, May 27, a lot of people want to get their hands on the coin. This demand is not just driving the coin price at this time but is projected to create a more bullish influence before the week runs out.
Despite the current legal woes surrounding CEO Do Kwon and the Terraform Labs, the community seems to want some form of succour in order to recoup parts of their lost capital when the Terra protocol as we have it now collapsed.
This article was originally published on blockchain.news