
Luna Foundation Guard, a non-profit that supports the Terra blockchain, has moved to diversify its crypto reserves by purchasing $100 million worth of Avalanche (AVAX) tokens, Bloomberg reports.
The move is meant to boost the stability of the native UST stablecoin, whose market cap has now swelled to $16.7 billion, according to CoinMarketCap data.
LUNA, the governance token of the Terra blockchain, has been on a roll since LFG made an announcement about creating a billion-dollar Bitcoin reserve.
Advertisement
Advertisement

The Bitcoin buying spree started by the blockchain project also became a major bullish catalyst for the largest cryptocurrency, which spiked to a yearly high of $48,234 in late March before retracing to the $43,000 level.
In a facetious tweet, Terra co-founder Do Kwon announced that he had purchased another $230 billion worth of Bitcoin before vacuuming the house.At press time, the Luna-LFG wallet holds $1.56 billion worth of Bitcoin.
Kwon’s most recent Bitcoin purchase failed to push the price of the LUNA token higher. The high-flying shed as much as 8% on Wednesday. It is currently down 12.5% from its all-time high of $119.18, which was recorded just two days ago.
XRP: $2 Threshold Should Be Ready, Shba Inu (SHIB) Major Resistance Denies Bull Run, Dogecoin's (DOGE) New Target Might Add Zero
Fidelity Says It's 'Possible' for Bitcoin to Overtake Gold
Ethereum Crashes 74% Against Bitcoin; Is Reversal Imminent?
Breaking: Tether Mints 1 Billion USDT Tokens as Bitcoin Plunges Below $85K