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Luna Basis Guard has purchased $100 million value of AVAX tokens, shifting past Bitcoin
Luna Basis Guard, a non-profit that helps the Terra blockchain, has moved to diversify its crypto reserves by buying $100 million value of Avalanche (AVAX) tokens, Bloomberg studies.
The transfer is supposed to spice up the steadiness of the native UST stablecoin, whose market cap has now swelled to $16.7 billion, in response to CoinMarketCap knowledge.
LUNA, the governance token of the Terra blockchain, has been on a roll since LFG made an announcement about making a billion-dollar Bitcoin reserve.
The Bitcoin shopping for spree began by the blockchain venture additionally grew to become a significant bullish catalyst for the most important cryptocurrency, which spiked to a yearly excessive of $48,234 in late March earlier than retracing to the $43,000 degree.
In a facetious tweet, Terra co-founder Do Kwon introduced that he had bought one other $230 billion value of Bitcoin earlier than vacuuming the home.
At press time, the Luna-LFG pockets holds $1.56 billion value of Bitcoin.
Kwon’s most up-to-date Bitcoin buy didn’t push the worth of the LUNA token greater. The high-flying shed as a lot as 8% on Wednesday. It’s presently down 12.5% from its all-time excessive of $119.18, which was recorded simply two days in the past.
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