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Terra (LUNA) Surpasses Solana (SOL) by Market Cap Amid Price Recovery

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Sun, 02/27/2022 - 11:02
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Alex Dovbnya
Solana (SOL) has slipped below Terra (LUNA) by market cap
Terra (LUNA) Surpasses Solana (SOL) by Market Cap Amid Price Recovery
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Terra (LUNA), the native token of the Terra blockchain, has climbed to eighth place by market capitalization, according to CoinMarketCap data.

The cryptocurrency is currently valued at $28.8 billion. This puts it just above Solana (SOL), which has slipped to ninth place by market capitalization. Cardano, another “Ethereum killer” is in seventh place, with its value currently sitting just below $30 billion. Avalanche (AVAX) comes in tenth place with $19.6 billion.

The LUNA token is up 57.46% over the past week, vastly outperforming every major cryptocurrency. The cryptocurrency peaked at $79 earlier today before shedding some gains.  

Anchor Protocol (ANC), the native token of the eponymous Terra-powered lending and borrowing protocol, has surged 61.04%.

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Mirror Protocol's cryptocurrency, MIR, has also recovered 40% after sliding to $0.993 earlier this week.

Earlier this week, Singapore-based Luna Foundation Guard (LFG) secured $1 billion from Three Arrows Capital and Jump Crypto for creating a Bitcoin-denominated forex reserve for the UST stablecoin. The move is meant to bolster the stability of its peg, which recently came under severe pressure due to Anchor Protocol’s depleting reserves.

As reported by U.Today, the Terra smart contract platform recently came close to capturing 10% of the total value locked within the decentralized finance ecosystem, according to data provided by DefiLlama. Terra’s TVL currently stands at $20.26 billion, which is still only a fraction of Ethereum’s $115 billion.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.