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

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Fri, 12/24/2021 - 11:37
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Tomiwabold Olajide
Terra Luna records 55% growth after its return above $100 amid fresh listing
Terra Climbs Past $100 Amid Fresh Listing with 7.5 Million LUNA Tokens Burnt
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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.

Tradingview
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.

Terra Analytics by Smartstake
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.

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.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.