Floki Inu Soars to New Heights in the Cryptocurrency Market
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2022-05-07 | Selina Mathew
Even as the cryptocurrency markets endure a roller coaster of price activity, public blockchain Terra (LUNA) is renewing its Bitcoin (BTC) purchase frenzy.
The Luna Foundation Guard (LFG), a non-profit organization dedicated to Terra's support, has announced that it has purchased almost 38,000 Bitcoin through OTC swaps with Genesis Capital and Three Arrows Capital (3AC).
LFG goes on to detail down each transaction, claiming that 1 billion tokens of Terra's native dollar-pegged stablecoin TerraUSD (UST) bought $1 billion in BTC through Genesis and $500 million in Bitcoin through 3AC.
LFG made several major Bitcoin acquisitions over a month ago, and its total holdings are currently in the top ten at around 80,394 BTC.
Do Kwon, the CEO of Terraform Labs, outlined a plan in mid-March to amass $10 billion in Bitcoin reserves in order to support TerraUSD.
In an interview with the Unchained Podcast, Kwon stated that the fact that UST is backed by BTC would help investors trust the stablecoin when Terra extends to other blockchains later.
Bitcoin is currently trading for $36,563 and is down 7.87 percent.
Just a day ago, BTC was hovering around $40,000 before plummeting.
BTC/USD 1 DAY PRICE CHART; SOURCE - COINMARKETCAP.COM
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