Terra’ LUNA cryptocurrency has surged to a brand new all-time excessive of $112 registering one other 10% achieve earlier as we speak. 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 larger 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 frame, as per on-chain knowledge 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 present at 42,902 BTC. In his latest podcast, Terra founder Do Kwon stated that he’s prepared 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 definitely have a ‘damaging’ impression on the worth of UST. Kwon additional added:
The worst case can be if we had 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 form of betting that the long-term situation of Bitcoin going up, and the reserves being robust sufficient to resist UST demand drops is the extra probably situation.
Kwon is at present on an bold aim of creating the UST the biggest stablecoin on this planet. 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 aim is to change into the biggest decentralized forex in crypto, interval. The aim is to not change into 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.