Terra’ LUNA cryptocurrency has surged to a brand new all-time excessive of $112 registering one other 10% acquire earlier at this time. 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 complete staked worth and sits beneath Ethereum (ETH) and Solana (SOL).
The newest 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 higher stability for the UST stablecoin.
After LFG was on an aggressive Bitcoin shopping for since mid-March, it has accrued greater than 30,000 BTC in a really quick time frame, as per on-chain information supplier Glassnode.
— 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 latest podcast, Terra founder Do Kwon stated that he’s keen to change into 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 normal for the native UST stablecoin. Curiously, he additionally went on to challenge Terra as a Layer 2 answer 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 ‘unfavorable’ 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 form 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 seemingly state of affairs.
Kwon is at the moment on an formidable 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 stated:
Terra’s objective is to change into the biggest decentralized forex in crypto, interval. The objective is to not change into the biggest 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.