The native token of the Terra (CRYPTO: LUNA) blockchain surged by 20% on Monday.
What Happened: According to data from Benzinga Pro, LUNA rallied from $75.95 to an intra-day high of $91.66. The token saw a significant amount of buying pressure evidenced by its daily trading volume, which was up 175% over a 24-hour period exceeding $3.2 billion.
See Also: HOW TO BUY TERRA (LUNA)
LUNA significantly outperformed the moderate recoveries posted by other leading crypto assets like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).
LUNA was up 12.25% against Bitcoin and 12.63% against Ethereum on the day.
The positive price action follows news that the Terra protocol’s stablecoin, Terra USD (CRYPTO: UST), had overtaken Binance’s stablecoin, Binance USD (CRYPTO: BUSD). At press time, UST had a market capitalization of $17.5 billion.
Terra’s founder Do Kwon has been steadily acquiring Bitcoin for UST’s reserves through the Luna Foundation Guard’s wallet.
As per data from BitInfoCharts, the wallet now holds 42,530 BTC worth $1.7 billion at current prices.
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