Terra blockchain’s native cryptocurrency, LUNA, has successfully gained impressive growth since its establishment. In the course of the past year, the coin had exponential growth of over 8,900%, which has taken it to unprecedented heights.
With regards to reports released by CoinMarketCap of late, LUNA has climbed up to the eighth place on the table of the first 100 crypto assets by their market cap. It should also be noted that in its means of achieving this recent benchmark position, the cryptocurrency has been able to beat Solana – which was nicknamed “the Ethereum killer.”
LUNA Increases as Solana Dips
At the time of putting this together, the overall market cap of LUNA was $27.56 billion. It is a figure that places the new bride of a cryptocurrency just a tad above SOL with a present market capitalization of $27.19 billion.
Above them is Cardano (ADA), which is seen as another Ethereum killer coin currently holding seventh place. The tenth place on the table is still firmly held by Avalanche (AVAX), with a total market capitalization of more than $19.5 billion.
Terra’s Ecosystems Gains More Prominence
Terra’s ecosystem has been making some significant strides recently. Since the establishment of the blockchain, it was able to garner a considerable number of investors who saw its huge potential. In the same manner, the native cryptocurrency on the blockchain, LUNA, saw tremendous growth in its value over the years.
After its launch in 2019, LUNA’s market price has hit the roofs by over 5467%. Significantly, 2021 stands out as one of the most bullish years for the blockchain as it saw a growth rate of around 8,900% in the course of one year.
Albeit, in the course of the past few days, Terra’s coin has had its price increased by over 57% with the influence of various market forces.
Terra to Get More Stability this Year
In the past week, the LUNA Foundation Guard was able to secure one billion dollars in funding rounds. Jump Crypto and Three Arrows Capital were the leaders of the funding rounds.
The aim of the latest fundraising was to create a forex reserve that will be denominated in Bitcoin for the TerraUSD stable cryptocurrency.
It is the prediction of analysts that taking such measures that have been taken by the LUNA Foundation Guard would boost its stability with its peg. However, the movement has come under scrutiny and pressure as a result of Anchor Protocols known to deplete reserves.