LUNA trading volume in the first quarter of 2022 was more than eight times that of the first quarter of 2021, despite the unfavorable crypto market trend.
Terra (LUNA) hit an all-time high of $119.18 on April 5, 2022, with a trading volume of more than $45 billion in the first three weeks of the fourth month of the year.
Terra (LUNA) had a trading volume of roughly $223.39 billion in the first quarter of this year.
This was a 707 percent rise in trading volume, which totaled $27.68 billion in the first three months of 2021.
What prompted the LUNA trade volume to skyrocket?
The increase in LUNA trading volume in the first quarter of 2022 was most likely due to improvements in the Terra ecosystem, which attracted the attention of millions of investors.
Do Kwon, co-founder of Terra, stated in October 2021, following the successful network upgrade of Columbus-5, that the team was planning to add at least 160 projects to Terra’s ecosystem in 2022.
The same update modified the mechanics of how LUNA worked by updating various features of Terra. This resulted in a surge in the Terra blockchain’s liquidity.
Anchor (ANC), Lido (LDO), and Astroport (ASTRO) were among the Terran projects that contributed significantly to this new milestone, with billions in total value locked.
Terra’s native asset, LUNA, was confirmed as the third-most staked cryptocurrency as the ecosystem improved. Only Ethereum (ETH) and Solana (SOL) have more total value staked than LUNA.
LUNA began trading on Jan. 1, 2022, at $85.51, achieved a quarterly high of $111.01 on March 30, and finished the first quarter at $103.01. In the first quarter of 2022, the opening and closing prices both increased by 20%.
For instance, LUNA began trading on January 1, 2021, at $0.6529, had a quarterly high of $22.33, and ended the first quarter of 2021 at $18.70. In total, the opening and closing prices increased by 2,764 percent in Q1 2021.
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