Terra’s LUNA tokens rose 10% in the past 24 hours to set new all-time highs of over $105.91, data shows.
- LUNA breached a previous high of $104.74 from earlier this month, price charts show.
- LUNA is one of the two native tokens of the Terra network, a framework that allows developers to create custom blockchains and build their own decentralized applications on top of Terra for various use cases.
- Sentiment for LUNA has grown in the past month largely due to the Luna Foundation Guard (LFG), a Singapore-based nonprofit that is purchasing over $3 billion worth of bitcoin (BTC) as an additional layer of security for UST, Terra's decentralized dollar-pegged stablecoin.
- LFG’s demand for bitcoin has led to a recovery in the past week. Bitcoin breached the $47,000 level yesterday, the highest level since the start of this year.
- Data shows LUNA has risen some 86,215.7% from all-time lows of $0.121798 in March 2020, making it one of the best performing tokens in the past two years. LUNA has a market capitalization of $37 billion at time of writing and is ranked eighth largest among other cryptos.
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