LUNA, the native cryptocurrency in Terra’s ecosystem, is one of the most successful assets currently on the market, even though the wider crypto market is still reeling from the bearish trend of last week.
CoinGecko data shows that LUNA gained more than 50% in the past seven days and, despite the weekend crash hit, reached a new all time high (ATH), $77.7 earlier this morning.
The bullish trend in LUNA over the past few weeks is impressive and amazing, considering that the coin was among the most affected by the May sell-off.
LUNA Gains 2700% Since May Crash
LUNA fell after the May 2021 crash. Its price plummeted by 81% in the heat of the selling-off. TerraUST (UST), however, was able to keep its peg.
The coin has made a remarkable comeback and outperformed ETH by 10x. ETH has only experienced a 2710% increase in its value since May. LUNA, however, has seen a 2700% rise in value.
LUNA also outperformed some of the most popular coins on the market, such as the meme-inspired DOGE and Shiba Inu.
LUNA, which trades at $67 and has a market capital of $26.56 trillion, is currently the 10th most popular cryptocurrency.
Terra’s TVL Reaches $13.9 Billion
Terra, LUNA’s native blockchain ecosystem, was also included in the bullish trend. A new milestone was also reached by the Decentralized Finance (DeFi), the world’s largest blockchain network.
Wu Blockchain tweeted that Terra’s total value locked has reached $13.9 billion. This is a 43% increase in weekly growth.
DeFi Llama says that TVL on Terra is at new heights and has surpassed Solana and Avalanche to rank third. Terra-TVL has increased 42.9% in the last 7 days. Terra Token Luna quickly recovered from the decline and established a new record. pic.twitter.com/wEW4ZnhfWG
December 5, 2021 — Wu Blockchain (@WuBlockchain).
This latest development has made Terra the third largest DeFi blockchain after Ethereum (BSC) and Binance Smart Chain. With a 42.9% growth rate in the past seven days, the network has managed to surpass Solana & Avalanche on this list.
Marla Brooks – Financial Analysis
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