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Key Takeaways
- Terra’s LUNA token hit an all-time excessive of $100 immediately.
- LUNA’s bullish worth motion follows related strikes from Solana and Avalanche, two different Layer 1 tasks.
- The three tokens, collectively dubbed “SOLUNAVAX” by crypto merchants, have soared throughout 2021.
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Terra Hits $100
Terra is benefiting from the Layer 1 hype.The stablecoin-focused blockchain is dwelling to one of many fastest-growing DeFi networks, with a wide range of standard apps together with Anchor Protocol, Mirror Protocol, Terraswap, and Astroport. Its native token, LUNA, is at the moment main a Christmas rally available in the market. It hit $100 for the primary time immediately after rallying over 50% within the final week. It’s since cooled off, buying and selling at $96.53 at press time.LUNA’s upward transfer comes amid a interval of bullish momentum available in the market following Bitcoin’s rebound from $45,700 to $51,200.

Whereas a number of Layer 1 networks have gained traction in current months, Terra, Solana, and Avalanche have been three of the strongest performers within the last two quarters of the yr. The development has led a number of merchants to coin the time period “SOLUNAVAX” in reference to the market power and rotations they’ve made between every coin.Of the three, LUNA is the most important gainer of 2021. In response to knowledge from CoinGecko, it was buying and selling at $0.65 on Jan.1, which implies it’s posted a 14,670% acquire. Solana’s SOL has risen 7,800%, whereas Avalanche’s AVAX is up 3,300% year-to-date.Nonetheless, all three cash have outperformed the 2 main cryptocurrencies by far. Bitcoin is up round 76% this yr, whereas Ethereum has jumped 446%.Disclosure: On the time of writing, the creator of this piece owned ETH, SOL, and different cryptocurrencies.
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