Terra (LUNA) Leads Market Recovery! Here’s Why The Rise

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According to CoinMarketCap data, terra (LUNA) has gained nearly 20% in the last 24 hours. The crypto market has seen a recovery in the last 24 hours as the total value of the cryptocurrency market has increased by close to 6% to reach $1.77 trillion.

Native token of smart contracts blockchain Terra LUNAhas outperformed the top 10 cryptocurrencies in terms of gains in the last 24 hours thanks to rising investor optimism.

Terra outpaced the leading asset Bitcoin (BTC), which gained over 2%, Solana, which gained 7%, and Cardano (ADA), which rose 8%.

Luna Foundation Guard(LFG)’s plan to develop a Bitcoin-denominated reserve pegged at 1:1 USD, as an additional layer of security for the UST, appears to be related to LUNA’s recent price action. LFG is a non-profit organization that helps preserve the decentralized Terra ecosystem.

LFG also stated that it has raised $1 billion in private sales, one of the largest token sales ever recorded in the crypto world, with buyers agreeing to lock their coins for a four-year vesting period. Jump Crypto and Three Arrows Capitalwere among the investors participating in the sale.

Besides, according to Santiment, Terra’s LUNA token is one of the most talked about cryptocurrencies in the market despite its lackluster performance in the last three months.

LUNA is seeing the biggest discussion on the token since October, according to the social metric that could show purchasing power from retail investors. The increase in social volume probably also contributed to the recent price increase.


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