Friday, December 2, 2022

LUNA Foundation Now Holds Over $1.3 Billion Worth Of Bitcoin

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In a bid to accumulate $10 billion worth of Bitcoin (BTC), Terra Foundation has added another 2,830 BTC (approx $133.5 million) to its wallet. According to WU Blockchain, OKLink has identified the BTC wallet address of the foundation which now holds over $1.3 billion worth of Bitcoin. The total balance now stands at 27,784.96 BTC. The world’s largest cryptocurrency is trading at $47,179.

LUNA aims to build $10B BTC reserve

Do Kwon, Co-founder and CEO at Terraform Labs, on 14 March, announced that TerraUSD (UST) with $10 billion will rack up bitcoin to serve as their reserves. This will open a new monetary era of the BTC standard, he added. This started the massive Bitcoin accumulation by Luna.

Earlier, Terra posted a proposal built by Jump Crypto on how Luna Foundation Gaurd can deploy its BTC reserve on-chain in a reserve model which will defend UST amid downward pressure.

According to OKLink, the Luna Foundation Guard’s wallet address is doing 9 transactions per day while a maximum of 29 transactions per week. Meanwhile, a total of 42 transactions have been done till now. However, 8,588 BTC have been the highest trading amount. Seems like Terra is keeping its promise to keep buying.

Last month, The Luna Foundation Guard planned to form a Bitcoin reserve for Terra’s UST stable coin. Around $1 billion was raised from crypto-focused venture capitalists. Terra CEO, later explained that they will look to buy $3 billion worth of BTC in the short term.

Terra’s 24-hr trading volume jumps by 50%

Terra has registered a surge of over 4% in the last 24 hours. Luna is trading at an average price of $95.10, at the press time. The coins 24-trading volume of $1,424,923,903 is also up by around 50%. According to CoinMarketCap, Luna is the ninth-largest cryptocurrency with a market capitalization of $33.8 billion.

Source: CoinMarketcap

Meanwhile, Bitcoin is also up by 5% in the last 24 hours trading at a price of $47,179. Interestingly, BTC has registered a jump of 90% in its 24-hr trading volume.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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