$LUNA has massively outperformed other “Ethereum killers” over the past week
, the native token of the Terra blockchain, has climbed to eighth place by market capitalization, according to CoinMarketCap data.
The cryptocurrency is currently valued at $28.8 billion. This puts it just above Solana , which has slipped to ninth place by market capitalization. Cardano, another “Ethereum killer” is in seventh place, with its value currently sitting just below $30 billion. Avalanche comes in tenth place with $19.6 billion.
The LUNA token is up 57.46% over the past week, vastly outperforming every major cryptocurrency. The cryptocurrency peaked at $79 earlier today before shedding some gains. Anchor Protocol , the native token of the eponymous Terra-powered lending and borrowing protocol, has surged 61.04%.Mirror Protocol's cryptocurrency, MIR, has also recovered 40% after sliding to $0.993 earlier this week.
Earlier this week, Singapore-based Luna Foundation Guard secured $1 billion from Three Arrows Capital and Jump Crypto for creating a Bitcoin-denominated forex reserve for the UST stablecoin. The move is meant to bolster the stability of its peg, which recently came under severe pressure due to Anchor Protocol’s depleting reserves.
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