Advertisement
AD

Main navigation

Terra Climbs Past $100 Amid Fresh Listing with 7.5 Million LUNA Tokens Burnt

Advertisement
Fri, 24/12/2021 - 11:37
Terra Climbs Past $100 Amid Fresh Listing with 7.5 Million LUNA Tokens Burnt
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Terra LUNA has smashed the $100 mark, setting new all-time highs of $101.50 on Dec. 24. Binance, a top crypto exchange, announces UST listing. Nearly 7.5 million LUNA tokens have been burned in the last five days, according to terra smart stake data.

Advertisement
Article image
Source: TradingView Charts

The price of LUNA, Terra's native token, has steadily climbed, trading above $100 with a 55% increase in one week, according to CoinGecko data. LUNA is also up 132.6% since December and 21,508% on the year. The coin now has a total market capitalization of $36.58 billion, retaining its spot amid the top 10 largest crypto projects.

In October, Terra announced the implementation of proposal 44 to burn almost 90 million tokens held in the community pool. LUNA token burn continues at a steady pace with 7.5 million burned in the last five days.

Article image
Terra Analytics, Source: SmartStake

Aside from reaching all-time highs in price, Terra (LUNA) has also reached record highs in total value locked at $21 billion, according to DefiIlama data.

Advertisement

At the start of December, Terra's TVL was around $11.9 billion, signifying a near 100% increase in less than a month. This might indicate that users are locking substantial funds into the protocol to receive staking rewards. In terms of TVL, Terra is now the second-largest DeFi network below Ethereum and above Binance Smart Chain.

Binance lists Terra UST

Crypto exchange Binance announces that it is going to list TerraUSD (UST) and open trading for UST/BTC, UST/BUSD and UST/USDT trading pairs on Dec. 24. TerraUSD (UST) is a decentralized stablecoin of the Terra blockchain. In order to mint 1 TerraUSD, 1 USD worth of the reserve asset, LUNA, must be burned.

As U.Today reported, Terra LUNA seeks to continue its upward trend in the near term until the market proves overbought conditions. At the time of publication, LUNA was changing hands at $99.84, up 15.74% in the last 24 hours.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD