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 show.

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

LUNA set new highs this morning. (TradingView)

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 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 show 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.