“This results in a large price movement for the LUNA asset, as there is not only significant buying but also significant supply reduction,” said Dustin Teander, analyst at blockchain data platform Messari. “Both forces push the LUNA price higher, leading us to where we are now.”
Related posts
-
Bitcoin Faces Short-Term Uncertainty as Exchange Inflows Surge and Tether Liquidity Drops
Bitcoin has recently experienced mixed market movements, with analysts closely monitoring on-chain data to understand the... -
Bitcoin Supply Reaches 19.8 Million Mark, Nearing Maximum Limit
Data reveals that Bitcoin’s total circulating supply has surpassed the 19.8 million mark, a notable milestone... -
Stablecoin Frenzy: USDE Nears $6B as USD0 Rockets Past $1B in Market Supply
Over the past month, the stablecoin market has swelled...