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Can LUNA ‘burn’ its way to greater highs in the long term
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LUNA was the talk of the town in early November after it managed to breach the $50-mark and hit a new ATH. However, just like other altcoins, even LUNA couldn’t shield itself from the broader bearish sentiment. Since 14 November, the crypto has shed more than 20% of its value. At the time of writing, it was trading within the $40-bracket.
Keeping aside its of-late performance, it should be borne in mind that LUNA’s macro-uptrend still remains intact. In fact, post-Terra’s Columbus-5 upgrade, LUNA has seen smooth sailing.
TerraUSD, Terra’s native stablecoin, is backed by LUNA. So, in order to increase the supply of TerraUSD, LUNA tokens need to be burned. Conversely, more LUNA is minted when UST’s demand dips.
Here, it is to be noted that the
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