Terra LUNA Hits All Time High of $112, Founder Do Kwon Share Future Plans

Terra’ LUNA cryptocurrency has surged to a brand new all-time excessive of $112 registering one other 10% achieve earlier in the present day. As of press time, LUNA is buying and selling at a value of $11.79 with a market cap of $39 billion.

Moreover, Terra can also be the third-largest blockchain platform when it comes to complete staked worth and sits beneath Ethereum (ETH) and Solana (SOL).

The newest value rally in LUNA comes because the Luna Basis Guard (LFG) has been on an aggressive Bitcoin shopping for spree within the month of Mach 2022. The LFG disclosed its plan to buy $10 billion value of Bitcoin to make sure better stability for the UST stablecoin.

After LFG was on an aggressive Bitcoin shopping for since mid-March, it has accrued greater than 30,000 BTC in a really quick time period, as per on-chain information supplier Glassnode.

The Luna Basis Guard has been in #Bitcoin accumulation mode all through 2022, including a complete of 30,727 $BTC to their stability up to now.

Monitor the LFG Steadiness: https://t.co/ug1eHsviWt pic.twitter.com/zDk0lsg334

— glassnode (@glassnode) April 1, 2022

With these aggressive purchases, Terra could be very quick approaching Tesla’s complete Bitcoin holding which is presently at 42,902 BTC. In his latest podcast, Terra founder Do Kwon stated that he’s prepared to grow to be the biggest Bitcoin holder after Satoshi Nakamoto.

Do Kwon Shares Future Plans With Terra LUNA

Talking on the Unchained podcasted hosted by Laura Shin, Do Kown shared why he determined to undertake the Bitcoin normal for the native UST stablecoin. Apparently, he additionally went on to challenge Terra as a Layer 2 resolution for Bitcoin.

However since LFG is aggressively shopping for Bitcoin, what if the Bitcoin value crashes within the close to future. On this case, it will definitely have a ‘adverse’ influence on the worth of UST. Kwon additional added:

The worst case could be if we had been shopping for Bitcoin and a crash occurs six months later, and it’s correlated with an enormous fall in demand for UST. […] I’m kind of betting that the long-term state of affairs of Bitcoin going up, and the reserves being sturdy sufficient to resist UST demand drops is the extra doubtless state of affairs.

Kwon is presently on an bold aim of creating the UST the biggest stablecoin on the planet. Presently, it’s the third-largest stablecoin after USDT and USDC, and the 14th largest crypto by market cap. Talking on this, Kwon stated:

Terra’s aim is to grow to be the biggest decentralized forex in crypto, interval. The aim is to not grow to be the biggest stablecoin on the Terra blockchain, so we develop to say the Solana, Avalanche, Ethereum, and Polygon ecosystems. We plan to be all over the place the place there are builders and customers.