LUNA surpasses SHIB

LUNA surpasses SHIB after making a new all-time high of $64.87

LUNA surpasses SHIB after making a new all-time high of $64.87. The token is up 14% in a day and has topped a market cap of $25 billion.

Terra blockchain is a platform that offers a suite of algorithmic stablecoins pegged to various fiat currencies. The native token of the Terra Blockchain, LUNA, is responsible for maintaining the price stability of these stablecoins. The elastic supply of the LUNA adjusts to the level of demand with the help of the protocol’s mint /burn feature. The token is used to vote for various governance decisions and staking (to validate transactions).

LUNA surpasses SHIB after making  a new ATH.

According to the data by CoinMarketCap, LUNA is up by 14% in a day. The market cap of the token has also reached $25 billion. LUNA surpasses SHIB after making a new all-time high of $64.87. The increasing market cap has helped the token to cross SHIB. LUNA is holding 12th position and SHIB is in 13th in the crypto market.

LUNA surpasses SHIB
The picture of Crypto market ranking of LUNA and SHIB by CoinMarketCap

There might be other reasons behind this price hype due to which LUNA surpasses SHIB in style but I think two reasons are more prominent. The first reason is that LUNA is benefiting from the growth of its stablecoin, TerraUSD (UST). The second reason is that the blockchain has rolled out its much-awaited Columbus update that ensures interoperability with other blockchains.

Read more here.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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