Home Latest News Here’s why Terra (LUNA) recorded a 78% gain in February – CryptoSlate

Here’s why Terra (LUNA) recorded a 78% gain in February – CryptoSlate

The global crypto market cap is $ with a 24-hour volume of $. The price of Bitcoin is $19,072.25 and BTC market dominance is %. The price of Ethereum is $1,573.75 and ETH market dominance is %. The best performing cryptoasset sector is Terra Eco, which gained 23%.
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There are indications that Terra could flip its ATH judging by its recent price performance.
Cover art/illustration via CryptoSlate
Terra (LUNA) was one of the best-performing assets in February. This was when the crypto market witnessed one of its most volatile periods as the political tensions in Ukraine and Canada negatively affected the industry.
According to available data from CryptoSlate, Terra’s value rose by around 78% during the month, trading for as high as $94 at the peak of its green run.
To put this in perspective, its more illustrious rivals like Bitcoin and Ethereum only saw their values rise by 12.25% and 9%, respectively. Other smart contract-enabled platforms like Solana and Avalanche saw theirs increase by 3.9% and 22%.
Data from Santiment revealed that the mentions of LUNA also rose to a historic high in February. According to this metric, there is a growing interest in the digital asset, which can be seen in the meteoric rise of TerraUSD (UST), an algorithmic stablecoin based on the network.
UST’s current market cap has surpassed $13 billion. Its circulating supply increased by almost 15% within last month from 11.26 million on February 1 to nearly 13 million as of the end of the month.
Judging by this, there are indications that Terra could be on its way to beating its previous ATH of $103 set in December last year.
Per data from DeFiLlama, the total value locked of assets operating on Terra rose to over $20 billion last month after rising by 52% in seven days. Within the last 24 hours, its TVL has continued the run and has risen by over 18%, as it is now currently at $23.29 billion. This makes the coin one of the largest smart contract token gainers.
Aside from this, Smart Stake data shows that 29 million LUNA tokens worth $2.57 billion have been burnt recently. The Terra burning mechanism is designed to ensure scarcity which would help push the asset’s value higher.
Also, the Luna Foundation Guard (LFG), towards the end of last month, revealed that it had raised $1 billion through the sale of LUNA tokens in a funding round led by popular venture capital firm Arrows Capital.
Interestingly, the asset price rose in tandem with the announcement as its value has gained around 90% since then. The number of wallets holding it is also close to approximately 4 million. The amount of staked LUNA to the overall coin in circulation is at a staggering 41% —an indication that many of its traders are in for the long haul.
Oluwapelumi is a believer in the transformative power Bitcoin and the blockchain industry holds.
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Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. Learn more
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