Briefly –
- LUNA price recorded a 56% surge over the past week, touching a new ATH at $67.87.
- The algorithmic-supported stablecoin UST is one of a kind, powering Web3 adoption.
- Anyswap platform announced collaborating with Terra, running a cross-chain link between Fantom and TerraUSD.
As Web3 acceptance gains stem, Terra-supported LUNA touched a new ATH. LUNA has seen its daily trade volume exploding, attaining $2.26 billion on Friday (December 3, 2021). The Terra network has declared new collaborations to bridge Layer2 tokens with TerraUSD.
LUNA Hits a New Record High
Stablecoins are vital in the cryptocurrency world. Though the controversy surrounding them, the coins bridge the gap by the cryptocurrencies and fiat on exchanges. TerraUSD (UST), Terra’s stablecoin, has seen its market cap crossing $1.2 billion.
Dubbed as the DeFi dollar, UST is one of a kind algorithmic stablecoin created for E-commerce. Terra’s network targets to provide next-generation digital money and commerce via LUNA and UST. Meanwhile, LUNA has recorded new ATH 3-times over the last 30 days. That way, its holder achieved more than 55% gains.
The stablecoin by Terra sees more relevance as Web3 witnesses increased adoption. Meanwhile, Terra confirmed its move to partner with Anyswap Protocol. Keep in mind that this trustless network bridges Layer1 and Layer2 blockchains. For now, UST and FTM connect via a cross-chain bridge.
Another Injective proposal suggests a plan to incorporate Terra Network price feeds. Injective is a Layer2 DEX platform, and it proposes introducing LUNA’s UST pairs, Anchor Protocols (ANC), and Mirror protocols (MIR).
For now, crypto analysts have a bullish picture as far as LUNA price actions are concerned. A pseudonymous crypto analyst @BigCheds confirmed its bullish outlook, stating that $LUNA (USDT) is highly bullish. However, he warned market players to eye the reducing candle bodies by the last three completed candlesticks. Such actions represent decreasing trend momentum, using Japanese candle theory,
The LUNA protocol burnt more than 7.2 million tokens during November’s last week. That has fueled that alternative coin’s upward rally. Alpha Impact trading platform CEO Hayden Hughes stated that LUNA has deflationary properties. He also said that the network had reduced tokens by burning millions of coins. That drove LUNA’s price higher.
