Terra LUNA Hits All Time High of $112, Founder Do Kwon Share Future Plans
Terra’ LUNA cryptocurrency has surged to a brand new all-time excessive of $112 registering one other 10% acquire earlier right now. As of press time, LUNA is buying and selling at a worth of $11.79 with a market cap of $39 billion.
Moreover, Terra can also be the third-largest blockchain platform when it comes to whole staked worth and sits beneath Ethereum (ETH) and Solana (SOL).
The most recent worth 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 gathered greater than 30,000 BTC in a really quick time period, as per on-chain information supplier Glassnode.
— glassnode (@glassnode) April 1, 2022
With these aggressive purchases, Terra may be very quick approaching Tesla’s whole Bitcoin holding which is at the moment at 42,902 BTC. In his latest podcast, Terra founder Do Kwon stated that he’s prepared to turn out to be the most important 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. Apparently, he additionally went on to undertaking Terra as a Layer 2 answer for Bitcoin.
However since LFG is aggressively shopping for Bitcoin, what if the Bitcoin worth crashes within the close to future. On this case, it might definitely have a ‘unfavourable’ affect 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 type of betting that the long-term state of affairs of Bitcoin going up, and the reserves being sturdy sufficient to face up to UST demand drops is the extra seemingly state of affairs.
Kwon is at the moment on an bold objective of constructing the UST the most important stablecoin on the planet. At the moment, 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 turn out to be the most important decentralized foreign money in crypto, interval. The objective is to not turn out to be the most important stablecoin on the Terra blockchain, so we broaden to say the Solana, Avalanche, Ethereum, and Polygon ecosystems. We plan to be all over the place the place there are builders and customers.