The Terra blockchain network has been the talk of the crypto town this year. After being part of the broader market correction over the last weekend, Terra’s native cryptocurrency LUNA has registered the strongest bounceback in the last 24 hours.
As of press time, Terra (LUNA) is currently 15% up trading at a price of $90 and a market cap of $32 billion. With this current move, Terra surges past Cardano’s ADA to becoming the eighth-largest cryptocurrency by market cap.
Twitter handle that goes by the name Lunaticos had predicted this move three days earlier on April 16. It noted:
The last time $LUNA burn was consistently above $1m burn per day it took about 10 days for a big move in the price. Recent $LUNA burn rate could indicate a similar move on the horizon.
Earlier this month, LUNA touched an all-time high of $119 before entering a 40% correction. If the momentum continues, we can expect it to reach this top again.
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Terra’s UST Becomes the Third-Largest Stablecoin
Interestingly, Terra’s native stablecoin TerraUSD (UST) has now become the third-largest stablecoin by market cap after Tether (UST) and USD Coin (USDC). In this recent move, UST has surpassed Binance USD (BUSD).
Well, this is for the first time that a single blockchain ecosystem has two of its coins in the top-fifteen list. Twitter user Lunaticos writes:
A few days ago I showed how LUNA price tends to lag $UST but then catches up quickly with a big move higher. LUNA decoupling the market is the obvious manifestation of this ‘catch up’ move.
A few days ago I showed how LUNA price tends to lag $UST but then catches up quickly with a big move higher.
LUNA decoupling the market is the obvious manifestation of this ‘catch up’ move.
Same time period but LUNA/BTC chart. https://t.co/Azfcru7Txs pic.twitter.com/e3gDgcfFBG
— Lunáticos (@lunaterraluna) April 18, 2022
On the other hand, Terra has been in the news for its recent accumulation of Bitcoins. Its parent organization – the Luna Foundation Guard (LFG) – has acquired nearly 30,000 BTC serving as a peg and reserve for its UST stablecoin. But it isn’t done yet! The LFG has plans to acquire 410 billion worth of Bitcoin in total.
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