LUNA Broke New All-Time High With 2,700% Gains Since May Sell-Off
The total value locked (TVL) on the Terra blockchain climbed up to nearly $14 billion as LUNA broke a new all-time.
LUNA, the native cryptocurrency of the Terra ecosystem, has become one of the best-performing assets in the market, as the broader crypto market still is finding recovery from the bearish trends last week.
According CoinGecko, LUNA went up over 50% within the last seven days, and despite the weekend crash, hitting a new all-time high (ATH) of $78.18 earlier today.
At the time of writing, LUNA has corrected some and is currently trading at $65.62, still up 30% on a weekly chart.
LUNA’s bullish trend within the past few weeks has been more than impressive, as the asset was one of the worst-hit cryptocurrencies during the massive May sell-off.
2700% Gains Since May Crash
LUNA took a nose dive following the May 2021 crash, with its price taking hit of about 81% at the heat of the sell-off, knocking TerraUST (UST) off the peg.
However the comeback has been strong, recording highs after highs and outperforming the second-largest cryptocurrency, ETH, by 10x. Since May, LUNA has recorded a 2700% increase in value, with ETH having only a 270% increase since the crash.
LUNA has also gone ahead of some of the trending altcoins in the market, including Dogecoin and Shiba Inu.
At the time of writing, LUNA is the 10th largest cryptocurrency and has a market cap of $25.28 billion.
Terra’s TVL Hits $13.9 Billion
LUNA’s native blockchain ecosystem, Terra, has also followed the bullish trend. The leading decentralized finance (DeFi) blockchain network recently achieved a new milestone.
According to a recent tweet by Wu Blockchain, Terra’s total value locked (TVL) hit $13.9 billion, with a weekly growth of 43%.
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
Terra is currently the 3rd-largest DeFi blockchain, just after Ethereum and Binance Smart Chain (BSC). The network managed to surpass Solana and Avalanche on the list in the last two days, with a growth rate of 42.9% within the past 7 days.
