Terra blockchain has seen its native token LUNA attaining new ATHs of $64.87 early on Thursday. Data from Coinmarketcap shows that LUNA gained 14% over the previous 24 hours. With its recent upward action, the alternative token has its total market capitalization topping $25 billion, and that had the Mike Novogratz favorite coin surpassing Shiba Inu by value. For now, LUNA and SHIB rank 12 and 13, respectively (Coinmarketcap data).
Terra is a crypto platform offering different algo stablecoins tied to a variety of fiat currencies. The blockchain network uses its native coin LUNA to secure price stability for stablecoins. The token’s elastic supply switches depending on demand level, aided by the network’s burn/mint functionality.
Validators stake Terra’s token Luna for transaction verification. Also, users can utilize LUNA to vote on different governance decisions on the platform. DeFi Llama data shows that Terra has a TVL of $12.84 billion, with a 4.68% smart contract market share. Towards September end, Terra launched its much-awaited Columbus-5. The upgrade ensured interoperability with different blockchains.
On the other past, Shiba Inu has suffered a dramatic fall. That way, the skyrocketing Terra (LUNA0 surpassed the Dogecoin-competitor as far as market value is concerned. That came as SHIB dropped 4% over the past 24 hours, bucking its earlier trend that had it losing 7%. Nevertheless, Shiba Inu still traders 6% high over the past week.
Terra (LUNA) has received a price boost as the platform works on a reporting and tax application. Market makers can use the app to export transactions to recognized software that focuses on fiat. That comes after the updates that governments plan to establish regulations to include crypto income on tax assessments.
While writing this article, LUNA trades at $62.35, with its market cap exceeding SHIB’s by around $700 million. Meanwhile, Shiba Inu has been battling for a spot in the top-10 cryptos by market cap over the past weeks. Though the meme coin seems to surrender, market analysts suggest that SHIB drops to gather momentum for an explosive move. What is your thought? Stay around for what the meme market will have in the upcoming trading sessions.