Singapore-based crypto analytics firm Santiment assesses strong bullish signs for altcoin project Terra (LUNA), after the Terra ecosystem backing the Luna Foundation Guard (LFG) raised $1 billion in a private token sale. For details, continue reading Kriptokoin.com.
Social dominance metric signals positive for altcoin
Santiment, revenue from one of the largest token sales in crypto history, for Bitcoin (BTC) TerraUSD (UST), Terra’s dollar-pegged stablecoin It says it will be used to create a forex reserve in .
In the statement made by Terra, the sale was confirmed by DeFiance Capital, Republic Capital, GSR. It is stated that it is managed by Jump Crypto and Three Arrows Capital, with the participation of Tribe Capital and many other organizations.
Terra (LUNA) is currently trading at $52.56 from a high of around $100 in December, but Santiment estimates that the altcoin project is likely to rise based on signals from the social dominance metric.
Santiment uses social dominance to measure how popular a particular crypto asset is against other crypto projects at a given time. It’s mostly based on the acknowledgment that crypto projects with higher media attention tend to change their prices faster.
According to analytics firm Santiment, Luna’s social dominance is at its highest in more than six months despite traders’ bearish trend. The behavioral analytics platform states that the increase in mentions on social platforms indicates that the altcoin project is moving in a positive direction:
LUNA, the 11th largest cryptocurrency. It gained a huge fan base in 2021 and seems to be a hot topic despite its 3-month decline. It is currently seeing the highest percentage of controversy since October, which is a good sign of an impending comeback.
However, geopolitical risks escalated today as Russia began invading Ukraine has plunged crypto markets into a bloodbath. At the time of writing, the leading crypto Bitcoin was traded around $35,000 with a loss of over 9% in the last 24 hours, while Terra also fell 8.22% to $52.56, accompanying the market in general.
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