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Terra experienced a tumultuous fall last year and is now struggling to recover. Only time will tell if this is the phoenix rising from the ashes. However, the Terra team has taken an important step towards conveying the message that they are still standing. So, what are the details of the latest development?
Terra (LUNA) News
Terraform Labs announced today that it has acquired portfolio manager and data infrastructure provider Pulsar Finance. The application will soon be directly integrated into TFL’s cross-chain wallet, Station. After the news, the price of LUNA Coin quickly rose to $0.8566 but then fell back to $0.737. It is currently trading at $0.77.
Chris Amani, CEO of Terraform Labs, commented on today’s move:
“This acquisition enhances Terraform Labs’ ability to rapidly bring cross-chain applications to the market, solidifying our position as the best in class in our ecosystem. Integrating Pulsar not only enriches our technological expertise but also brings on board an incredibly talented team led by three innovative entrepreneurs with a proven track record of building and launching successful applications.”
Pulsar, which currently supports 96 networks and over 700 protocols, provides an analytics platform that allows users to track the performance of their tokens and monitor their NFT/DeFi positions across various networks.
Miguel Loures, Co-Founder of Pulsar Finance, said:
“We are excited to join TFL and be part of this extraordinary team. Since entering the blockchain industry, our vision has been to make Web3 easy and accessible for everyone, and everything we have built so far, from our consumer Portfolio product to our infrastructure Data Center, has been aimed at that. It is exciting to see how well our products and core values align with Terraform Labs, and we look forward to seeing the positive impact it will bring to the ecosystem.”
LUNA Coin Analysis
After surpassing $120, the price of LUNA Coin plummeted to levels with multiple zeros during the downturn. Then, a new token with limited supply was issued, but the price dropped below $0.5 again. Terra founder Do Kwon was imprisoned, and top executives faced serious charges. However, Chris Amani is fighting to resurrect this wreckage.
LUNA Coin has been behaving like a pump token for a long time. Rapid surges and retracements are speculative, and today’s movement was hindered by short-term investors selling for profit. The price has bounced back twice from the $0.64 support level, and if it breaks down for the third time, it could drop to $0.485. On the flip side, closing above $0.88 will increase hopes of surpassing the $1 level.
