algorithmic stablecoin has topped $15 billion for the first time, according to data provided by CoinMarketCap.
It is now close to surpassing meme cryptocurrency Dogecoin, which remains in 13th place after months of lethargic price action.LUNA, the native token of the Terra blockchain, is flatlining today, adding only a mere 0.30%. The cryptocurrency has failed to maintain its momentum after hitting a new all-time high of $103.88 on March 9. It is currently trading at $88 on major spot exchanges.
Last month, LUNA raised $1 billion for its Bitcoin-denominated reserve via a private token sale. The supply of the native token gets periodically destroyed when new UST tokens are minted . Arbitrageurs are incentivized to maintain the dollar-peg of the stablecoin by swapping it at a discount with LUNA. When the stablecoin surpasses $1, its circulation supply increases by means of burning
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