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LUNA, the native staking token that underpins the Terra blockchain, has managed to log a new all-time high of $64.87 earlier today.
The cryptocurrency is up 14% over the past 24 hours, as per data provided by CoinMarketCap.
Because of the most recent price spike, LUNA’s market cap has topped $25 billion.
The Mike Novogratz-supported cryptocurrency is now worth more than Shiba Inu (SHIB). The two tokens are in the 12th and 13th place, respectively, on CoinMarketCap.
Terra is a blockchain platform that offers a suite of algorithmic stablecoins pegged to various fiat currencies The native LUNA token is responsible for securing the price stability of these stablecoins. Its elastic supply adjusts to the level of demand with the help of the protocol’s mint/burn feature.
The LUNA price is benefiting from the growth of the TerraUSD (UST) stablecoin.
Validators stake Luna in order to be able to verify transactions. The token is also used for voting on various governance decisions.
According to data provided by DeFi Llama, Terra has a 4.69% share of the smart contract market with $12.84 billion in total value locked.
In late September, Terra rolled out its much-anticipated Columbus-5 that ensures interoperability with other blockchains.