Despite increasing crypto volatility, Terra Luna has more than doubled in the past month.
A relatively lesser known token called Terra (Luna) has emerged as the top bet in delivering performance and returns during the past month when the cryptocurrency market is experiencing extreme volatility.
Over the past month, the coin has almost doubled in value – from a low of $47 to now $91. It has increased dramatically over the past seven days, right around the time the war in Ukraine began.
On February 24, the price of Terra was hovering around $52. But it has increased since then. With the dramatic increase, Terra’s total market cap has grown to $34 billion, according to market research agency CoinMarketCap, making it the seventh-largest coin.
Terra Luna’s strong performance probably comes from the uncertainty that has engulfed global markets as the Russian military entered Ukraine to launch a war.
Experts said this increased the interest of crypto investors in stablecoins; Luna became the beneficiary.
In addition, Singapore-based non-profit organization Luna Foundation Guard (LFG) has decided to create a bitcoin-denominated reserve as an added layer of security for UST – Terra’s decentralized stablecoin, whose value is pegged to the US dollar. 1:1 is estimated.
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payment systems.
It was founded in January 2018 by Daniel Shin and Do Kwon, who conceived the project to drive rapid blockchain technology adoption with a focus on price stability.
Terra has established several partnerships with payment platforms, particularly in the Asia-Pacific. Furthermore, it is supported by businesses and platforms that are advocating for its adoption.
In February 2019, the company announced that e-commerce platforms from 10 different countries were members of the alliance. This holds great promise for the token in the times to come.