LUNA Broke Its ATH After Gaining 2700% Since May’s Crash

LUNA broke its all-time high with the total value locked on the Terra blockchain soaring to $14 billion after the huge May crash. LUNA hit a new high after gaining 2700% from the May crash as we can see more today in our latest crypto news.

While the broader crypto market is having a hard time with the bearish trends from a week ago, LUNA as the native cryptocurrency of the Terra ecosystem is now one of the best-performing assets in the market. According to the data by CoinGEcko, LUNA broke its ATH and increased over 50% in the past week and despite the crash, it hit a new high of $77.7 earlier today. LUNA’s bullish trend in the past few weeks was impressive as the coin of the worst-hit crypto during the May sell-off.

LUNA went downhill after the May 2021 crash when its price slashed about 81% of the value at the heat of the sell-off which knocked Terra’s UST off the peg. The coin made quite a dramatic comeback as it recorded a few highs and outperformed the second-biggest coin by 10 times. LUNA recorded a 2700% increase in value with ETH having only a 270% increase since the crash. LUNA surpassed other trending coins in the market including meme-inspired coins SHIB and DOGE. Now, LUNA is the 10^th biggest cryptocurrency and it trades at $67 with a market cap of $26.6 billion.

According to DeFi Llama, TVL on the Terra continues to hit new highs, surpassing Avalanche and Solana to rank third. In the past 7d, Terra-TVL has grown 42.9%. Terra Token Luna also quickly recovered the decline and set a new high. pic.twitter.com/wEW4ZnhfWG

— Wu Blockchain (@WuBlockchain) December 5, 2021

LUNA’s native blockchain ecosystem was not left out in the bullish trend and the leading Defi blockchain network also achieved a new milestone. According to a tweet by Wu Blockchain, Terra’s total value locked hit $13.9 billion and a weekly growth of 43%. with the latest developments, Terra is now the third biggest DeFi blockchain after Ethereum and Binance smart Chain as the network managed to surpass Solana and Avalanche in the past two days with a growth rate of 42.9% per week.

As recently reported, Terra voted to burn a huge percentage of the tokens and the price reached a record high before dropping. Nothing sparked high demand like the decreasing supply. Terra maintained the LUNA utility token protocol and the stablecoin developed by Terraform Labs. The community voted to burn about 89 million LUNA tokens worth $4.5 billion and after the proposal put forward by the co-founder Do Kwon passed.