Terra’ LUNA cryptocurrency has surged to a brand new all-time excessive of $112 registering one other 10% acquire earlier right this moment. 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 amassed greater than 30,000 BTC in a really quick time period, as per on-chain information supplier Glassnode.
The Luna Basis Guard has been in #Bitcoin accumulation mode all through 2022, including a complete of 30,727 $BTC to their stability to date.
Observe 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 present at 42,902 BTC. In his latest podcast, Terra founder Do Kwon stated that he’s keen to turn 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 venture 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 will actually have a ‘adverse’ influence 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 face up to UST demand drops is the extra probably state of affairs.
Kwon is at present on an formidable objective of constructing the UST the most important stablecoin on the planet. At the moment, 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 turn into the most important decentralized foreign money in crypto, interval. The objective is to not turn 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 every single place the place there are builders and customers.
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