Terra LUNA Hits All Time High of $112, Founder Do Kwon Share Future Plans

By Bhushan Akolkar
LUNC News: TGF Submits Terra Classic Recovery Proposal 10946

Terra’ LUNA cryptocurrency has surged to a new all-time high of $112 registering another 10% gain earlier today. As of press time, LUNA is trading at a price of $11.79 with a market cap of $39 billion.

Furthermore, Terra is also the third-largest blockchain platform in terms of total staked value and sits underneath Ethereum (ETH) and Solana (SOL).

The latest price rally in LUNA comes as the Luna Foundation Guard (LFG) has been on an aggressive Bitcoin buying spree in the month of Mach 2022. The LFG disclosed its plan to purchase $10 billion worth of Bitcoin to ensure greater stability for the UST stablecoin.

After LFG was on an aggressive Bitcoin buying since mid-March, it has accumulated more than 30,000 BTC in a very short period of time, as per on-chain data provider Glassnode.

With these aggressive purchases, Terra is very fast approaching Tesla’s total Bitcoin holding which is currently at 42,902 BTC. In his recent podcast, Terra founder Do Kwon said that he is willing to become the largest Bitcoin holder after Satoshi Nakamoto.

Do Kwon Shares Future Plans With Terra LUNA

Speaking at the Unchained podcasted hosted by Laura Shin, Do Kown shared why he decided to adopt the Bitcoin standard for the native UST stablecoin. Interestingly, he also went on to project Terra as a Layer 2 solution for Bitcoin.

But since LFG is aggressively buying Bitcoin, what if the Bitcoin price crashes in the near future. In this case, it would certainly have a ‘negative’ impact on the value of UST. Kwon further added:

The worst case would be if we were buying Bitcoin and a crash happens six months later, and it’s correlated with a massive fall in demand for UST. […] I’m sort of betting that the long-term scenario of Bitcoin going up, and the reserves being strong enough to withstand UST demand drops is the more likely scenario.

Kwon is currently on an ambitious goal of making the UST the largest stablecoin in the world. Currently, it is the third-largest stablecoin after USDT and USDC, and the 14th largest crypto by market cap. Speaking on this, Kwon said:

Terra’s goal is to become the largest decentralized currency in crypto, period. The goal is not to become the largest stablecoin on the Terra blockchain, so we expand to say the Solana, Avalanche, Ethereum, and Polygon ecosystems. We plan to be everywhere where there are developers and users.

Advertisement
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.