Luna Leaves February With a Bang, Market Ready for March Bullrun?

Terra LUNA has ended the month as one of the best performers for February. Despite the geopolitical conflicts and their effects on the global and crypto market LUNA remains one of the favorite crypto investors worldwide.

Most interesting is that most of LUNA’s gains in February were amassed in the last day of the month as the token jumped 26% on the 28th of February. This, in part, has to do with the rest of the cryptocurrency market’s upside moves, as can be seen by BTC and ETH that also achieved relatively significant gains on the last day of the month.

At the time of writing, LUNA trades at a decent price of almost $90 with a huge market cap of over $3.4 billion. Furthermore, it has a 24 hour trading volume of more than $4.2 billion. This price position of the crypto enables it to maintain its status as one of the top 10 cryptos in the market. 

LUNA leads the way in the 24-hour upside movement of the top 10 cryptos.

As can be seen from the screenshot taken of CoinGecko, Terra LUNA continues to lead the way in upside movement with a whopping +12.7% gain when compared to BTC and ETH which are ranked number one and two on the list and were only able to achieve gains that are still impressive at 10.6% and 8.5%.

Recently, 29 million LUNA tokens, worth approximately $2.57 billion, were also burned. It is considered bullish if there is an increase in the supply of UST – the platform’s LUNA-backed stablecoin, mainly because of the UST-LUNA token model.

Terra preserves UST’s peg of USD through an elastic monetary policy where Terra users are incentivized to burn LUNA and mint UST when the value of UST goes above $1.