On Wednesday, Terra (LUNA) price suddenly jumped over 25% to hit a high of $3.08. The price rally came as the LUNA wormhole token became the top holder among the top 100 Ethereum whales in terms of U.S. dollars, flipping Lido Staked ETH (stETH) tokens.
According to WhaleStats, the LUNA wormhole token flipped Lido Staked ETH (stETH) to become the biggest holding by dollars among the top 100 Ethereum whales.
The LUNA token accounted for 25.06% of the total holdings of all tokens, excluding ETH. The total value of the LUNA wormhole held by the top 100 Ethereum whales is almost $820 million. The token even surpassed USDC and USDT holdings of the top 100 whales.
The token brought a rally to Terra (LUNA) token as the whales used the Wormhole interoperability protocol token to exit liquidity. The Terra (LUNA) price jumped to a high of $3.08 and the trading volume reaches almost 150% in the last few hours.
However, the LUNA wormhole tokens were swapped to Ethereum (ETH), USDC, USDT, and Bone ShibaSwap (BONE). Therefore, an upside momentum can be seen in ETH and BONE prices, up over 1% and 10% in the last few hours.
Moreover, conversations between Terra Classic validator LUNC DAO and Bull.BnB reveals whales as the real reason behind the LUNA price pump. The whales made money in a $7 pump last month. Now, whales are trying to exit liquidity.
Meanwhile, whales and traders have also exited from TerraClassicUSD (USTC), with the price down over 17% in the last 24 hours.
Terra Classic (LUNC) Price Under Pressure
Terra Classic (LUNC) price is also under pressure ahead of the U.S. CPI data and the U.S. dollar index (DXY) rising higher. The LUNC price is trading at $0.00028. The 24-hour low and high for Terra Classic are $0.00027 and $0.00030, respectively.
LUNC DAO and Bull.BnB agree that LUNA and LUNC are distinct communities. The Terra Classic community does not trust LUNA or Do Kwon.