Terra’ LUNA cryptocurrency has surged to a brand new all-time excessive of $112 registering one other 10% achieve earlier in the present day. As of press time, LUNA is buying and selling at a value of $11.79 with a market cap of $39 billion.
Moreover, Terra can be the third-largest blockchain platform by way of whole staked worth and sits beneath Ethereum (ETH) and Solana (SOL).
The most recent value 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 collected 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 to date.
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 whole Bitcoin holding which is at the moment at 42,902 BTC. In his current podcast, Terra founder Do Kwon mentioned that he’s keen to turn out to be the biggest 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 commonplace for the native UST stablecoin. Curiously, 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 value crashes within the close to future. On this case, it might actually have a ‘destructive’ influence on the worth of UST. Kwon additional added:
The worst case could be if we had been shopping for Bitcoin and a crash occurs six months later, and it’s correlated with a large fall in demand for UST. […] I’m type 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 probably state of affairs.
Kwon is at the moment on an bold objective of constructing the UST the biggest stablecoin on the earth. At present, it’s the third-largest stablecoin after USDT and USDC, and the 14th largest crypto by market cap. Talking on this, Kwon mentioned:
Terra’s objective is to turn out to be the biggest decentralized forex in crypto, interval. The objective is to not turn out to be the biggest stablecoin on the Terra blockchain, so we develop to say the Solana, Avalanche, Ethereum, and Polygon ecosystems. We plan to be in every single place the place there are builders and customers.
