Terra dominates Ethereum-killers as TVL skyrockets to $21 billion
- Terra's LUNA has exceeded $21.06 billion in total value locked on its network.
- Terra has surpassed Ethereum-killers in gains and growth in its total value locked.
- Terra's UST is the first algorithmic stablecoin to exceed $10 billion in market capitalization.
- Analysts have projected further growth in Terra price, a continuation of the current uptrend.
The spike in total value locked on the Terra network has fueled a bullish narrative for the token's price. Analysts have a bullish outlook on Terra, predicting a continuation of the rally.
Terra hits another all-time high as TVL explodes
Terra price crossed $103 earlier today, hitting a new all-time high as the token's total value locked (TVL) exploded. TVL is similar to market capitalization, and the rise in total value locked indicates Terra's massive growth.
Terra's total value locked is currently above $21 billion, and it has continued to climb steadily since mid-December 2021. The altcoin (LUNA) has surpassed Polkadot and other Ethereum-killers, boosting its on-chain activity.
Terra's logarithmic stablecoin UST has surpassed $10 billion in market capitalization. This is the first stablecoin of its kind (decentralized) to achieve this feat.
Alongside the spike in market cap, the implementation of the burn policy triggered a rally in Terra price.
Do Kwon, the founder of Terraform labs, believes that Terra is the core anchor of web3.
According to Kwon, decentralized stablecoins and data privacy could become two primary pillars of the new digital economy.
$UST marketcap is now $10B, the first decentralized stablecoin to achieve this milestone.
— Do Kwon (@stablekwon) December 26, 2021
There is no more doubt in the product market fit of decentralized money in decentralized economies.
Long live @terra_money pic.twitter.com/f59ItpkgnJ
@dkcrypto13, a pseudonymous analyst, has evaluated the Terra price trend and predicted that the token could break out despite macro collapses.
I mean maybe its the alcohol speaking and maybe there is a macro collapse today, but how many times do you think a coin can probe resistance while everyone is clearly levered short (judging by funding) and NOT break out? $LUNA. Never advice. Good night fam. pic.twitter.com/RS5LTQQ8t4
— DK (@dkcrypto13) December 27, 2021
@TheCryptoLark, a cryptocurrency analyst and YouTuber, recently tweeted about Terra. The analyst has a bullish outlook and revealed his Terra holdings.
$luna finally hit $100 today! I have removed my capital from this position. Due to UST LUNA pump mechanics I am still in most of my position for the time being.
— Lark Davis (@TheCryptoLark) December 27, 2021
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
