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LUNA, the native cryptocurrency of the Terra blockchain has been able to garner notable growth since establishment. Over the past year, the coin had surged by more than 8,900%. According to data from CoinMarketCap, recently, the cryptocurrency has acquired the eighth position on the list of top 100 assets by market capitalization. It is also worth noting, that to achieve the latest benchmark level, the crypto project has surpassed Solana, the blockchain that is considered as the “Ethereum killer”.
LUNA climbs as Solana slips
At press time, the total market capitalization of LUNA is $27.56 billion. The figure puts the cryptocurrency just above Solana, which has a total market cap of $27.19 billion.
On the above side, Cardano (ADA) is another Ether killer project that is in seventh place. Moreover, the list is followed by Avalanche (AVAX) that is in tenth position with over $19.5 billion.
Terra ecosystem soars
The Terra ecosystem has been soaring notably. Since establishment, the blockchain has been able to garner a notable count of investors through its tremendous potential. LUNA has also seen notable growth in terms of value.
Since establishment in 2019, the price of LUNA has skyrocketed by more than 5467%. Notably, 2021 was one of the most bullish years for the project as it witnessed a growth of about 8,900% over the period of a year.
However, over the past seven days, the price of Terra’s coins increased by more than 57%.
Terra will get more stable this year
Earlier this week, the Luna Foundation Guard (LFG) secured a billion dollars in a funding round. The funding round was led by Three Arrows Capital and Jump Crypto. The latest raised funds were aimed to create a Bitcoin-denominated forex reserve for the TerraUSD (UST) stable crypto token.
Such a measure that is being taken by the LFG foundation would bolster the stability of its peg. Notably, such a move has come under severe pressure due to Anchor Protocol’s depleting reserves.
