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Per CoinMarketCap data, Terra (LUNA) is up nearly 15% in the last 24 hours at a present price of $57.82. The cryptocurrency market is posting a rebound in the last 24 hours as the total market valuation increases by 5.47% to stand at $1.76 trillion at press time.
LUNA, the native token of smart contracts blockchain Terra has outperformed the top 10 cryptocurrencies in terms of gains over the last 24 hours, thanks to rising investor optimism.
Terra outpaced lead asset Bitcoin (BTC), which has gained over 4%, and Solana, which has gained 7.10%. Avalanche (AVAX) cryptocurrency, which is up 12%, is another big gainer in the top 10.
Luna Foundation Guard's (LFG) plan to develop a Bitcoin-denominated reserve as an additional layer of security for UST, whose value is fixed 1:1 to the U.S. dollar, aligns with LUNA's recent price improvements. LFG also stated that it had raised $1 billion in private token sales to add to its Bitcoin reserve, with buyers agreeing to lock up their coins for a four-year vesting period. Jump Crypto and Three Arrows Capital were among the investors in the funding round.
Terra is one of the hottest topics in the crypto space
Apart from that, Terra's LUNA token is one of the most talked-about cryptocurrencies on the market, despite its lackluster performance over the last three months, according to Santiment.
? $LUNA sits as the 11th largest #cryptocurrency. It gained major fanfare in 2021, and appears to be a hot topic despite its 3-month drop. It's currently seeing the highest percentage of discussion since October, a good sign of an incoming turnaround. https://t.co/Po5JyTWIHo pic.twitter.com/wVvwYY5dsI— Santiment (@santimentfeed) February 23, 2022
LUNA is seeing the greatest discussion surrounding the token since October, according to the social metric, which could indicate incoming buying power from retail investors. The increase in social volume may likely have contributed to the recent price increase as well.