Dogecoin (DOGE) Overtakes Terra (LUNA) in Market Capitalization

Dogecoin (DOGE), the most popular meme-cryptocurrency, ranks ninth in terms of market capitalization despite its price dropping by more than 4% in the last 24 hours. Dogecoin (DOGE) managed to outperform Terra (LUNA), which fell another 14% amid a tough sell-off. LUNA is down 32.93% in the last week after falling 17% last Friday.

The negative attitude towards Terra is caused by the ecosystem’s connection with Magic Internet Money (MIM), in addition, Terra’s partner protocol, called Abracadabra, is closely related to the controversial DeFi Wonderland protocol. The Abracadabra protocol contributes UST in exchange for MIM, which can later be placed on Wonderland and receive income in the amount of 13000% per annum.

The connection of Terra with the Anchor protocol is causing a lot of controversy, since the protocol is responsible for creating the highest demand for the Terra UST stablecoin. Anchor Protocol is taking corrective action. On Saturday, the Anchor team announced that they are increasing bLUNA LTV to 80%.

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