While the broader crypto market is still struggling with the bearish trends from last week, LUNA, the native cryptocurrency of the Terra ecosystem, is currently one of the best-performing assets in the market.
LUNA’s bullish trend within the past few weeks has been impressive and astonishing, as the coin was one of the worst-hit cryptocurrencies during the massive May sell-off.
LUNA Has Gained 2700% since May Crash
LUNA went downhill following the May 2021 crash, with its price slashing about 81% of its value at the heat of the sell-off, knocking TerraUST (UST) off the peg.
However, the coin made quite a dramatic comeback, recording highs after highs and outperforming the second-largest cryptocurrency, ETH, by 10x. Since May, LUNA has recorded a 2700% increase in value, with ETH having only a 270% increase since the crash.
LUNA has also surpassed some of the trending coins in the market, including the meme-inspired coins, DOGE and Shiba Inu.
At the time of writing, LUNA is the 10th largest cryptocurrency, trading at $67 with a market cap of $26.56 billion.
Terra’s TVL Hits $13.9 Billion
Terra, LUNA’s native blockchain ecosystem was also not left out in the bullish trend. The leading decentralized finance (DeFi) blockchain network has also recently achieved a new milestone.
As per a recent tweet by Wu Blockchain, Terra’s total value locked (TVL) has recently hit $13.9 billion, a weekly growth of 43%.
According to DeFi Llama, TVL on the Terra continues to hit new highs, surpassing Avalanche and Solana to rank third. In the past 7d, Terra-TVL has grown 42.9%. Terra Token Luna also quickly recovered the decline and set a new high. pic.twitter.com/wEW4ZnhfWG
— Wu Blockchain (@WuBlockchain) December 5, 2021
With this latest development, Terra is currently the third-largest DeFi blockchain, just after Ethereum and Binance Smart Chain (BSC). The network managed to surpass Solana and Avalanche on the list in the last two days, with a growth rate of 42.9% within the past 7 days.