Terra (LUNA) Hits New ATH, Overtakes Shiba Inu!

Terra (Luna) Rises to $100 and TVL Value Jumps 55% In a Week
  • It’s the 12th most valuable coin, whereas Shiba inu is the 13th.
  • Terra announced in September that it would be launching Columbus-5.

The Terra blockchain’s native staking token is LUNA. It’s now at a fresh all-time high of $64.87, a milestone it reached earlier this morning. In addition, CoinMarketCap statistics shows that the cryptocurrency has risen by 8.83% in the last 24 hours.

LUNA/USDT: Source: TradingView

Bitcoin (BTC) provides censorship resistance and price stability, whereas Terra enables rapid and inexpensive transactions by combining fiats price stability and broad adoption.

Also, the company’s market capitalization is at a comfortable $25 billion. It’s also worth more than Shiba Inu to invest in the Terra Blockchain Platform. On CoinMarketCap, it’s the 12th most valuable coin, whereas Shiba is the 13th.

Benefitting From Rising Value of Terra/USD

Consequently, Terra is an algorithmic stablecoin platform that links to a variety of fiat currencies. As a bonus, the native LUNA token is responsible for maintaining the price stability of these stablecoins. Furthermore, the protocol’s mint/burn function aids in adjusting the supply to the amount of demand.

It’s no surprise, therefore, that the Terra (LUNA) price is benefiting from the rising value of Terra/USD (UST). Validators stake luna to check transactions and vote on different governance choices, including who will run the company. Furthermore, Terra has a 4.69 percent market share in smart contracts, according to DeFi Llama, with $12.84 billion in total value locked up.

Finally, Terra announced in September that it would be launching Columbus-5, which aims to facilitate interoperability with other blockchains. According to CoinMarketCap, the Terra price today is $61.50 USD with a 24-hour trading volume of $2,495,609,387 USD. Terra has been up 8.83% in the last 24 hours.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.