Terra’s LUNA Set New Highs of Nearly $106

Terra’s LUNA tokens rose 10% in the past 24 hours to set new all-time highs of over $105.91, data shows.

• LUNA breached a previous high of $104.74 from earlier this month, price charts show.

• LUNA is one of the two native tokens of the Terra network, a framework that allows developers to create custom blockchains and build their own decentralized applications on top of Terra for various use cases.
• Sentiment for LUNA has grown in the past month largely due to the Luna Foundation Guard (LFG), a Singapore-based nonprofit that is purchasing over $3 billion worth of bitcoin (BTC) as an additional layer of security for UST, Terra's decentralized dollar-pegged stablecoin.
• LFG’s demand for bitcoin has led to a recovery in the past week. Bitcoin breached the $47,000 level yesterday, the highest level since the start of this year.
• Data shows LUNA has risen some 86,215.7% from all-time lows of $0.121798 in March 2020, making it one of the best performing tokens in the past two years. LUNA has a market capitalization of $37 billion at time of writing and is ranked eighth largest among other cryptos.