The price of Terra (LUNA) hit an all-time high of $118 on Binance before dropping to its current $114.
The official wallet of the Luna Foundation Guard (LGF), a non-profit founded by Terraform Labs, currently holds approximately $1.4 billion worth of Bitcoin.
As explained by Terra co-founder Do Kwon, the primary purpose of the reserve is to help stabilize the TerraUSD (UST) dollar.
Terra’s UST remains a popular decentralized stablecoin with a market cap of $16.5 billion.
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