By Nathan Ferguson
Terra’s native token, LUNA, climbed to another record high at $112. That comes as the alternative coin gains 10% early on Saturday. While publishing the content, LUNA changed hands near $112.56, ranking 9 in the crypto-list by value. The token market capitalizations stood at $39 billion (Coinmarketcap data).
Moreover, Terra is the 3rd largest blockchain ecosystem as far as total stake value is concerned, sitting beneath Ethereum and Solana. The latest price actions in Terra emerge as Luna Foundation Guard actively purchases Bitcoin in 2022 March. The LFG revealed plans to buy BTC worth $10 billion to ensure high stability for the stablecoin UST.
Meanwhile, the aggressive BTC buy by Luna Foundation Guard since mid-March saw it accumulating over 30,000 $BTC within a short time, according to data from the on-chain analytic platform Glassnode.
The active purchases have Terra nearing Tesla’s total $BTC holding, currently at 42,902 Bitcoin. Recently, Terra CEO Do Know tweeted that he contemplates being the largest BTC holder after the anonymous Satoshi Nakamoto.
Do Know Reveals Future Terra Plans
Do Know revealed his decision to adopt the BTC standard for UST while speaking at Laura Shin’s unchained podcast. Surprisingly, the founder projected Terra (LUNA) as Bitcoin’s Layer2 solution. He commented on Luna Foundation Guard buying massive BTC and the possibility of a Bitcoin price crash. Know stated that a Bitcoin crash shortly after the buy will impact UST value negatively.
Terra’s founder bets on Bitcoin surging higher (in the long-term) and reserves staying strong to sustain faded UST demand. Nevertheless, Bitcoin falling within six months of the LFT $BTC buy will mean a massive crash in USD demand.
For now, Know remains ambitious to make UST the leading stablecoin globally. The token ranks 3rfter USDC and USDT and 14 in the crypto market list by capitalization. The founder stated that Terra aims at being a leading decentralized currency within the crypto spectrum, exploring every angle with users and developers.
Terra’s climb to the $112 all-time high comes as the overall crypto space surged on Saturday. The global crypto market capitalization reflects the positive sentiments with a 4.26% 24hr increase to $2.17 trillion.