Among the Top 100 Ethereum Whales, Terra (LUNA) Has Become their Largest Holding

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Last Updated on October 12, 2022 by Bitfinsider

On Wednesday, the price of Terra (LUNA) experienced an unexpected increase of more than 25 percent, reaching an all-time high of $3.08. The LUNA wormhole token became a top holding among the top 100 Ethereum whales in terms of U.S. dollars, flipping Lido Staked ETH (stETH) tokens, which led to the price rally.

According to WhaleStats, the LUNA wormhole token replaced Lido Staked ETH (stETH) as the largest holding in terms of dollars among the top 100 Ethereum whales. stETH was previously the largest holding.

The LUNA token made up 25.06% of the total holdings of all tokens other than ETH. This percentage does not include ETH. Nearly 820 million dollars’ worth of LUNA wormholes are held collectively by Ethereum’s top 100 “whales,” according to their market value. Even more impressive is the fact that the token has surpassed the combined USDC and USDT holdings of the top 100 whales.

The whales used the Wormhole interoperability protocol token to get out of the liquidity market, which caused the Terra (LUNA) token to experience a rally. The price of Terra (LUNA) reached a new all-time high of $3.08, and the trading volume has reached almost 150% of its previous level in the past few hours.

On the other hand, the LUNA wormhole tokens were exchanged for Ethereum (ETH), US Dollar Coins, US Dollar Treasuries, and Bone ShibaSwap (BONE). As a result, an upward momentum can be seen in the prices of ETH and BONE, which have increased by more than 1% and 10% in the most recent few hours.

In addition to this, discussions that took place between the Terra Classic validator LUNC DAO and Bull.

BnB has discovered that whales are the true cause of the recent surge in the price of LUNA. In the past month, the whales made money off of a $7 pump. The whales are currently attempting to withdraw their liquidity.

Over the past twenty-four hours, the price of TerraClassicUSD (USTC) has decreased by more than 17 percentage points, and whales as well as traders have left the market.

A higher U.S. consumer price index (CPI) and a rising U.S. dollar index (DXY) are both expected to put downward pressure on the price of Terra Classic (LUNC). The current price of LUNC on the market is $0.00028. The lowest price in the last 24 hours for Terra Classic was $0.00027, and the highest price was $0.00030.

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