Trader Lark Davis Predicts Terra (LUNA) To Continue Price Climb
Lark Davis, a popular cryptocurrency strategist and trader believes Terra Luna is primed to continue its massive bull run.
In a recent strategy video, Davis shares with his 417K YouTube subscribers that he is keeping an eye on the smart contract platform Terra (LUNA) as a major contender for the next leg of the bull run.
According to the trader LUNA has come a long way in the rankings by simply staying focused on highly desirable applications.
“The important thing is building things that people want, and this is what Terra has managed to do.
Now it’s actually very, very impressive because the Terra asset, LUNA … at the time of recording this video, was number 22 on CoinGecko. Now it has managed to rise up to be … a top-22 coin, with really only three applications on the entire blockchain.”
The applications he is referring to are the crypto lending protocol Ankr (ANKR), synthetic stock trading platform Mirror (MIR) protocol, and mobile payments app Chai.
The trader also points out a unique feature of LUNA’s native algorithmically pegged stablecoin, UST. The feature requires LUNA tokens to be burned from supply when new UST is minted.
“What happens when we have dozens of applications – all these DeFi protocols that are hungry for that UST stablecoin, and people keep burning up LUNA in order to get more UST.”
Davis concludes his bullish sentiment also on Twitter by covering the upcoming update to the Terra ecosystem, dubbed “Columbus 5.”
“Now let’s talk Columbus 5, a major upgrade underway which will:
– Burn all seignorage (more Luna burning)
– Pay more to stakers
– Cosmos IBC integrations
Terra’s Wormhole upgrade will bridge Terra to Ethereum, Solana, and Binance Smart Chain. 3 of the top 5 chains by TVL [total value locked].
Assuming this and more of the same from Terra and I think the price will go much higher.”
At time of writing, Terra is trading at $29.61, with 2.2% daily losses, and has a market cap rank of 16 on CoinGecko.
