The Terra blockchain network has been the talk of the crypto space this year. Terra’s native cryptocurrency, LUNA, has recorded the best recovery in the last 24 hours after being a part of the broader market correction over the weekend.
Terra (LUNA) is currently trading 15% up, trading for $90, with a market cap of $32 billion as of press time. Terra has surpassed Cardano’s ADA to become the eighth-largest cryptocurrency by market capitalization.
A Twitter account known as Lunaticos predicted this action three days earlier on April 16. It stated:
The last time $LUNA burn was consistently above $1m burn per day it took about 10 days for a big move in the price. Recent $LUNA burn rate could indicate a similar move on the horizon.
LUNA hit an all-time high of $119 earlier this month before entering a 40% correction. We can expect it to reach this peak again if the momentum continues.
Terra’s UST becomes the third-largest stablecoin
Terra’s native stablecoin TerraUSD (UST) has surpassed Tether (UST) and USD Coin to become the third-largest stablecoin by market cap. In this recent move, UST has surpassed Binance USD.
This is the first time that a single blockchain ecosystem has two of its coins in the top-fifteen list. Twitter user Lunaticos writes:
A few days ago I showed how LUNA price tends to lag $UST but then catches up quickly with a big move higher. LUNA decoupling the market is the obvious manifestation of this ‘catch up’ move.
Terra, on the other hand, has been in the spotlight due to its recent Bitcoin accumulation. The Luna Foundation Guard (LFG), its parent organization, has acquired over 30,000 BTC to serve as a peg and reserve for its UST stablecoin. But it’s not finished yet! The LFG intends to buy 410 billion worth of Bitcoin in total.
