Terra (LUNA) has managed to hit an all-time high. Terra’s price hit an all-time high of $117.70 earlier today.
According to CoinMarketCap data, LUNA is up more than 7% in the last 24 hours.
LUNA surpassed XRP to take the seventh place in terms of market cap. LUNA is currently valued at $41 billion.
At the time of writing, the official address of the Luna Foundation Guard (LGF) held roughly $1.4 billion worth of Bitcoin.
As explained by Terra co-founder Do Kwon, the main purpose of the reserve is to help maintain the dollar peg of the TerraUSD (UST) stablecoin.
Terra aims to increase its Bitcoin stash to $10 billion and become the largest single wallet with Bitcoin.
Kwon said that he expects Bitcoin price to increase in the future. In such a case, the UST stated that it will continue to maintain its stability even if the demand starts to decrease.
Terra’s UST remains the most popular decentralized stablecoin with a market cap of $16.5 billion.
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