LUNA, the Terra blockchain-based token, hit a new all-time high of $65 today, up over 60% over the past week.
And due to the recent price surge, LUNA’s market cap has reached $25 billion. It is currently more valuable than Shiba Inu (SHIB) and has overtaken them to 12th and 13th place respectively on CoinMarketCap.
Terra is a blockchain platform that offers a set of stablecoin algorithms linked to various fiat currencies. The original LUNA tokens are responsible for stabilizing the prices of these stablecoins, with a flexible suppy which It adjusts to the stablecoin demand with the help of the protocol’s mint/burn feature.
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