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After burning $ 2.7 billion in LUNA tokens, the price set a new record

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According to Terra Analytics, LUNA tokens worth nearly $ 2.7 billion were burned. Then LUNA recorded a new ATH $ 103.

LUNA has established a new ATH

At the time of writing, according to Coimarketcap, LUNA was trading at $ 91.62 with a seven-day gain of 12% and a monthly gain of 111.86%.

Token burning has intensified since the Columbus-5 update was introduced at the end of September. In addition, the update introduced a new mechanism for linking stablecoins to their fiat value: each time a UST is created, an equivalent amount of LUNA is burned.

Terraform Labs co-founder and CEO Do Kwon, celebrating UST’s price success, has revealed that UST’s market capitalization has reached $ 10 billion, the first such record for decentralized stablecoin.

“The Markecap UST is now $ 10B, the first decentralized stablecoin to reach this milestone. there is no longer any doubt that decentralized money is suitable for decentralized economies. “

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TerraUSD (UST) is a unique stablecoin algorithm, in which coins are burned or waded in order to maintain the target price of the coin.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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