Market News
- LUNA, seen bullish during the market crash.
- Terra network helps stablecoins pegged against fiat currency.
- The LUNA community passed the proposal to burn around $4 to $5 billion LUNA coins.
Since August, the Terra (LUNA) coin has been bullish, rising from around $5 to $80. Even during the bearish time last month, the LUNA coin has remained bullish. In detail, Terra’s network helps stablecoins pegged against fiat currencies, such as UST coin, to maintain the price stability.
The mass adoption of the tokens is one reason how the LUNA network avoided the market crash earlier this month. The other altcoins have experienced market downtime for more than a month.
Similarly, Terra’s community suggested burning around $4-5 billion worth of LUNA coins. However, it depends on the price, which has a strong factor in the bullish run. Also, the higher demand for the UST stablecoins assured a more rapid burn rate for LUNA tokens, keeping the demand high for LUNA coins.
On the other hand, LUNA hit a new all-time high for five consecutive days in the first week of December. As a result, LUNA recorded over 15,862% in a year. At the same time, a crypto analyst, Zack Guzman tweeted the reason behind the rise of LUNA.
At the time of writing, Terra’s traded at $73.80 with a 24-hour trading volume of $2.3 billion. Likewise, Terra increased by 9.47% in the last 24 hours. Presently, LUNA holds the #9 rank on CoinMarketCap, with a live market cap of $27.6 billion.
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