- Luna Foundation Guard has purchased $100 million worth of AVAX tokens, expanding its holdings beyond Bitcoin.
Luna Foundation Guard, a Singapore-based nonprofit built to support Terra, as reported by Bloomberg, put aside the recent BTC buying spree, valuing $100M from the Avalanche Foundation to boost its stablecoin reserve. Avalanche (AVAX) he bought.
This move by the platform to diversify its crypto reserves will make AVAX the second largest asset in the UST reserve after Bitcoin.
Furthermore, the move is aimed at increasing the stability of the platform’s native UST stablecoin, whose market cap is currently up to $16.7 billion, according to CoinMarketCap data.
Terra’s (LUNA) BTC buying spree
LUNA, the management token of the Terra blockchain, has been on the move since LFG released an announcement about its plans to build a billion-dollar Bitcoin reserve, and LUNA has been consistently reaching new ATHs.
The Bitcoin buying spree initiated by the blockchain project has also been a major bullish catalyst for the largest cryptocurrency, spiking to an annual high of $48,234 in late March before returning to the $43,000 level.
Terra co-founder Do Kwon, in a sarcastic tweet on April 6; announced that he bought another $230 billion worth of Bitcoin (BTC) just before he cleaned his house.
Today I:
– Watered my plants
– Write some emails
– Bought 230M in $BTC
– vacuumed the house
– had some mcdonaldsNow off to walk the dog 🤝
— Do Kwon 🌕 (@stablekwon) April 6, 2022
At the time of writing, the Luna-LFG wallet holds $1.56 billion worth of Bitcoin.
However, Kwon’s most recent Bitcoin purchase failed to boost the price of the LUNA token. In fact, the explosive altcoin is down about 7 percent from the last 24 hours and is trading at $102.73. At the time of writing, LUNA is trading down 13.6 percent from the all-time high of $119.18 recorded just two days ago.
The impact of Bitcoin whale Terra’s Avalanche purchase on AVAX’s price is not yet clear. AVAX is trading with a 1 percent increase over the last 24 hours.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.