Following the recent rise in the price of Terra (LUNA), some cryptocurrency followers questioned the reasons behind the coin's rise.
LUNA price has increased by approximately 50% in the last month and is trading at $0.9677 at the time of writing. LUNA was created as a hardfork from the main chain Terra Classic (LUNC) and aimed to bring a solution to the sunken ecosystem. However, the coin is still trading approximately 95% below its all-time high.
Following the recent rise, Chris Amani, the new CEO of Terraform Labs, the main developer behind the Terra ecosystem, following Do Kwon, published a statement.
Questioning the secret behind the price increase, Amani said that the source of the increase was Terraform Labs' uninterrupted continued development of Terra. In addition, Amani claimed that developer activity, far from stagnating, is increasing.
Continuing to explain the reasons for the rise, Amani reminded that the Terra community is the largest community within the Cosmos ecosystem and argued that the developers returned to LUNA after the collapse.
The total market value of LUNA, LUNC and USTC cryptocurrencies is at the level of 310 million dollars at the time of writing this article. However, before the crash, LUNA alone had a market capitalization of over $90 billion.
*This is not investment advice.