Singapore-based crypto analytics firm Santiment assesses strong bullish signs for altcoin project Terra (LUNA), after the Terra ecosystem backing the Luna Foundation Guard (LFG) raised $1 billion in a private token sale. For details cryptocoin.com keep reading.
Social dominance metric signals positive for altcoin
Santiment says the proceeds from one of the largest token sales in crypto history will be used to build a Bitcoin (BTC) forex reserve for Terra’s dollar-pegged stablecoin, TerraUSD (UST).
In a statement made by Terra, it was stated that the sale was led by Jump Crypto and Three Arrows Capital, with participation from DeFiance Capital, Republic Capital, GSR, Tribe Capital and many others.
Terra (LUNA) is currently trading at $52.56 from a high of around $100 in December, but Santiment estimates that the altcoin project is likely to rise based on signals from the social dominance metric.
The social dominance Santiment uses is used to measure how popular a particular crypto asset is against other crypto projects at a given time. It’s mostly based on the acknowledgment that crypto projects with higher media attention tend to change their prices faster.
According to analytics firm Santiment, Luna’s social dominance is at its highest in more than six months despite traders’ bearish trend. The behavioral analytics platform states that the increase in mentions on social platforms indicates that the altcoin project is moving in a positive direction:
LUNA is the 11th largest cryptocurrency. It gained a huge fan base in 2021 and seems to be a hot topic despite its 3-month decline. It is currently seeing the highest percentage of controversy since October, which is a good sign of an impending comeback.
However, the escalating geopolitical risks with Russia’s invasion of Ukraine today have plunged the crypto markets into a bloodbath. At the time of writing, the leading crypto Bitcoin was traded around $35,000 with a loss of over 9% in the last 24 hours, while Terra also fell 8.22% to $52.56, accompanying the market in general.
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