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Luna Foundation Guard (LFG) Has Not Added Any Bitcoin (BTC) In Over Five Days

Altcoins

thecryptobasic.com 04 April 2022 09:52, UTC
  
Reading time: ~2 m

The LFG Bitcoin buying spree has halted in the last five days.


Blockchain data from Glassnode, a crypto data analytics platform, shows that Luna Foundation Guard (LFG), a nonprofit organization focusing on the Terra blockchain, has not added any Bitcoin (BTC) to its reserves in the last five days. 

For the fifth day in a row, the #LUNA Foundation did NOT add to their #Bitcoin balance. #Crypto pic.twitter.com/HfDrwLccCQ

— Plan©️ (@TheRealPlanC) April 4, 2022

While it is not clear why LFG has not made any BTC purchases in the last five days, the foundation has added a massive amount of BTC within the past few weeks as it ventured into the business of Bitcoin accumulation. 

LFG Bitcoin Buying Skyrockets

The LFG, which embarked on a Bitcoin purchase spree in February, has accumulated a whopping 30,727.97 BTC valued at $1.41 billion. 

Recall that the cryptocurrency community was excited after The LUNA Foundation Guard (LFG) disclosed that it would purchase $10 billion worth of bitcoin (BTC) that will be used as a reserve for the terra USD (UST) stablecoin. 

Since the announcement was made, LFG has kept to its promise, adding the world’s largest cryptocurrency by market capitalization occasionally. 

The nonprofit organization has embarked on several fundraising initiatives to source for funds that will be used to accumulate more BTC. 

At the moment, LFG Bitcoin address holds 30,727 billion worth approximately $1.42 billion at press time. 

More BTC Needs to be Purchased

With the nonprofit organization committed to buying $10 billion worth of Bitcoin to use as a reserve for the UST stablecoin, it implies that LFG still has a lot of Bitcoin purchases to do, which is worth more than $8 billion.  

At the current market price of $46,161, LFG still needs to accumulate at least 185,871 BTCs to complete its proposed $10 billion worth of BTC pledge. 

As long as the funds are available, purchasing the cryptocurrency will not be a problem based on the fact that the Bitcoin market completes at least $20 billion of BTC trading volume daily. 


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