Terra’ LUNA cryptocurrency has surged to a brand new all-time excessive of $112 registering one other 10% acquire earlier at the moment. As of press time, LUNA is buying and selling at a worth of $11.79 with a market cap of $39 billion.
Moreover, Terra can be the third-largest blockchain platform when it comes to complete staked worth and sits beneath Ethereum (ETH) and Solana (SOL).
The most recent worth rally in LUNA comes because the Luna Basis Guard (LFG) has been on an aggressive Bitcoin shopping for spree within the month of Mach 2022. The LFG disclosed its plan to buy $10 billion value of Bitcoin to make sure better stability for the UST stablecoin.
After LFG was on an aggressive Bitcoin shopping for since mid-March, it has gathered greater than 30,000 BTC in a really brief time frame, as per on-chain knowledge supplier Glassnode.
The Luna Basis Guard has been in #Bitcoin accumulation mode all through 2022, including a complete of 30,727 $BTC to their steadiness thus far.
Monitor the LFG Stability: https://t.co/ug1eHsviWt pic.twitter.com/zDk0lsg334
— glassnode (@glassnode) April 1, 2022
With these aggressive purchases, Terra may be very quick approaching Tesla’s complete Bitcoin holding which is at the moment at 42,902 BTC. In his current podcast, Terra founder Do Kwon stated that he’s keen to change into the most important Bitcoin holder after Satoshi Nakamoto.
Do Kwon Shares Future Plans With Terra LUNA
Talking on the Unchained podcasted hosted by Laura Shin, Do Kown shared why he determined to undertake the Bitcoin normal for the native UST stablecoin. Apparently, he additionally went on to mission Terra as a Layer 2 resolution for Bitcoin.
However since LFG is aggressively shopping for Bitcoin, what if the Bitcoin worth crashes within the close to future. On this case, it will definitely have a ‘damaging’ impression on the worth of UST. Kwon additional added:
The worst case could be if we have been shopping for Bitcoin and a crash occurs six months later, and it’s correlated with an enormous fall in demand for UST. […] I’m kind of betting that the long-term state of affairs of Bitcoin going up, and the reserves being robust sufficient to resist UST demand drops is the extra seemingly state of affairs.
Kwon is at the moment on an formidable objective of constructing the UST the most important stablecoin on the planet. Presently, it’s the third-largest stablecoin after USDT and USDC, and the 14th largest crypto by market cap. Talking on this, Kwon stated:
Terra’s objective is to change into the most important decentralized foreign money in crypto, interval. The objective is to not change into the most important stablecoin on the Terra blockchain, so we increase to say the Solana, Avalanche, Ethereum, and Polygon ecosystems. We plan to be in all places the place there are builders and customers.
