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Terra Buys $100 Million Worth of AVAX Tokens to Back Its Stablecoin

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Thu, 7/04/2022 - 19:19
Terra Buys $100 Million Worth of AVAX Tokens to Back Its Stablecoin
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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.  

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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.     

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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.

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