I have been an early investor in Theta, Polygon, Solana, Avalanche, and I have to say, Terra is becoming my most successful token ! Growth is just off the charts ! Even during this downtime, and as a top 12 crypto with a huge market cap, Terra Luna is still beating most of the Altcoins everybody thought will go 100X this year ! I suspect part of this could be due to the fact that Terra is said to be burning 88.7 million tokens to mint their UST stablecoin. Anyone knows whether this is still taking place ? Cause Terra is still going up !
Quite insane, because a month ago or so, the price of Terra was just around $30, but now it is over $70! I think the reason for the pump is because of the Terra tokens that are being burned. According to news, the network has approved a governance proposal to burn 88 million TerraLuna from the community pool.
The coin is built to be deflationary in nature, and as more continues to be burnt, there is sure going to continue to be increase in value. Even the Terra USD , which is a stable coin, now has a market cap of $9.0 billion. We should expect to see more increase in Luna, before the year is over.