Instead of SHIB, ETH or DOGE, which made the headlines with massive whale purchases, Ethereum whales are now stocking Terra (UST). In the rest of the article, let’s take a look at the details of these processes with the data provided by WhaleStats.
Not SHIB or DOGE, whales collect 42 million Terra (USDT)
According to current WhaleStats statistics, Ethereum whales have purchased more than 42 million Terra (UST) in the last 24 hours.
Whales are giant wallets to a substantial amount of cryptocurrency. Terra USD or UST is Terra Blockchain’s decentralized and algorithmic stablecoin. According to whale detective WhaleStats, whales have purchased 42 million UST in four major transactions in the past four hours.
Transactions included another transaction with an Ethereum whale that bought 15,000,000 UST ($15,060,000), 9,000,000 UST ($9,036,000), and 10,000,000 UST ($10,040,000). In the fourth transaction, an ETH whale bought 8,000,000 UST for $8,032,000.
Big investors prefer to shift their focus to less volatile cryptocurrencies like stablecoins in times of volatility and big drops in the cryptocurrency market.
Terra (UST) is preferred as stablecoin
A swap mechanism holds UST, Terra’s dollar-pegged stablecoin. Investors can sell 1 UST for 1 USD worth of LUNA at any time. Investors’ turn to stablecoins could lead to increased demand for UST, resulting in a reduction in LUNA supply. The fate of the LUNA is closely linked to the USTs, as the combustion of the LUNA assisted in the formation of the UST. In other words, to issue an UST, $1 of LUNA must be withdrawn from circulation.
According to data from CoinMarketCap, the market cap of dollar-denominated cryptocurrencies surged to $14.7 billion, making TerraUSD the fourth largest stablecoin. Meanwhile, Terra’s LUNA is steadily increasing its market capitalization to become the seventh largest cryptocurrency at $90.64 at the time of writing. By the way, cryptocoin.com As we reported, Terra founder Do Kwon made a $1 million bet that LUNA would stay above $88 a year later.
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