Terra (LUNA) Overtakes Shiba Inu (SHIB) After New All-Time High

LUNA, a native token of Terra blockchain, hits a new all-time high today at $64.87. According to CoinMarketCap, the cryptocurrency is up 14% in the last 24 hours. Due to the latest price jump, LUNA's market capitalization has surpassed $25 bln. The cryptocurrency supported by Mike NOVOGRATZ is now worth more than Shiba Inu (SHIB). The two tokens are in 12th and 13th place respectively on CoinMarketCap.

Terra blockchain platform offers a set of algorithmic stablecoins pegged to various fiat currencies. The LUNA token is responsible for ensuring the price stability of these stablecoins. Its supply is adapted to the level of demand using the mint/burn function in the protocol. The LUNA price benefits from the growth of the TerraUSD (UST) stablecoin.

According to data provided by DeFi Llama, Terra owns 4.69% of the smart contract market with a $12.84 bln TVL. At the end of September, Terra released the highly anticipated Columbus-5, enabling interoperability with other blockchains.

Image: Loop Finance