Luna's Bulls Run Continues Despite the Bears Prevail the Market

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Evening

So Luna continues on its bullish path, despite of the massive sell off that wiped away hundred of billions from crypto market capitalization and many popular coins like Bitcoin shed by double percentage. Luna skyrocketed past popular meme coins Shiba Inu and Doge to secure position in top 10 cryptocurrencies by market capitalization.

As of now, Luna is exchanging hands at $70.45 per coin just posting a net 20% gain in last 7 days and 10% increase in last 24 hrs. Luna's current market capitalization is $26.7 billion. It is surprising to see Luna trading just below its all time high of $77.73, in current bulls market.

Several factors may be attributed towards the bullish pressure on Luna. One of the most significant is continues Luna burning, as community approved the burning proposal. As a matter of fact, 10% of total Luna supply has already been gone forever. Moreover several innovative protocols with multiple incentive programs deployed on Terra are also fulling the growth.

Terra blockchain was launched in 2018. The blockchain operates on stable coin based payment system and utilizes Luna token to maintain the price of its algorithmically-backed TerraUSD stable coin, UST. It is already being dubbed as Ethereum killer due to its low transaction speed and faster speed. Terra along with others like Avalanche and Solana are already sharing a significant defi market share with Ethereum, as Ethereum networks congestion and costlier transactions issues continue swaying away many of the DeFi investors.

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