Terra’s LUNA sets new All-Time High following $135 million Bitcoin buy
LUNA, the governance token behind the Terra network, has spiked more than 10% earlier today to reach a new record high of $106.14. The price of LUNA has slightly backtracked since then and is trading around $103.48.
LUNA’s latest price action most likely relates to the news that Luna Foundation Guard (LFG), a Singapore-based non-profit organization supporting the Terra network, recently purchased $135 million worth of Bitcoin to back the UST stablecoin.