Can Terra LUNA Make New ATH As Its Staking Volume Surges?
Terra's LUNA token has nearly doubled in a week, as it challenges the $100 level now
Terra LUNA has been one of the most bullish cryptocurrencies since last summer, as it kept surging higher until the end of December. It gained more than most major currencies, increasing from around $4 to $103, when it reversed lower as the sentiment in the crypto market turned negative. The DeFi tokens had another reason to retreat after the Wonderland controversy, which sent the DeFi TVL in all the sector decline. But, the 200 SMA (purple) held as support for this digital token and we saw a bounce off that moving average last month.
Although, the 100 SMA (green) turned into resistance and in the second half of last month the price turned lower again, with the escalation of the conflict in Ukraine which turned the risk sentiment negative. LUNA/USD retested the 200 SMA for a second time, but sellers couldn’t push the price below it and eventually came the next bounce, which looks great so far as this cryptocurrency keeps gaining. Now, the price is pretty close to December’s high, so Luna coin seems to be heading for new all-time highs (ATH).
Terra LUNA Daily Chart – The 200 SMA Held Well As Support
Luna coin is getting close to all-time highs
Terra’s Staking Volume In LUNA Coins Surpasses Ethereum
Terra offers a great return of 7% yield if you stake your LUNA coins, which has attracted a large number of investors, as the staked volume keeps increasing. Terra LUNA has become the second network by staked value behind Solana which stands at $40 billion, surpassing Ethereum with $28 billion in staked Ether coins.
This staked value is spread across different protocols and represents almost the entirety of LUNA market cap which is at $34 billion after the recent surge. The Orion.money protocol has the largest staked value supporting the taking of LUNA coins with a 7% yield. Staking enables users to earn a reward/yield for their staked tokens, which supports the smooth running of Terra’s network and its UST stablecoin.
Terra Removes $2.57B in LUNA Tokens From Supply
Terra has a policy of removing tokens from circulation and burning them. Recently the Terra protocol burned 29 million LUNA coins which accounted for $2.5 billion, according to the analytics platform Smart Stake showed that 7 billion recently. At the same time, the supply of UST jumped from around 11.26 million to 12.92 million during February.
Terra’s Coin LUNA Live Chart
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