Luna token price is soaring, but is the network's growth sustainable?
Terra, an open-source blockchain platform for algorithmic stablecoins, has been on fire over the last half-year or so. The value of its native crypto asset Terra (LUNA) has risen from $24 to over $100 during the last six months, placing it in the top 10 cryptocurrencies by market capitalization.
And, even though LUNA has showcased minor corrections here and there, the currency and the Terra project, in general, have continued to grow from strength to strength. To this point, on March 4, LUNA flipped Ether (ETH) in terms of total staked value, with $29.5 billion worth of LUNA being locked up within the platform compared to ETH’s $25.9 billion.
Furthermore, Terra’s native data show that the ecosystem currently has over 230,000 stakers, making it the second-most staked crypto asset with more than four times the number of those staking ETH at 54,768. Lastly, in terms of its annual staking rewards, LUNA touts an average annual yield of around 6.62%, while ETH fetches 4.81%.
With LUNA up over 350% in the last 12 months, a number of pundits have continued to claim that Terra’s aforementioned growth may not be sustainable. In fact, individuals associated with the ecosystem — both for and against — have placed massive bets in regard to where LUNA will be trading around this time next year.
With LUNA up over 350% in the last 12 months, a number of pundits have continued to claim that Terra’s aforementioned growth may not be sustainable. In fact, individuals associated with the ecosystem — both for and against — have placed massive bets in regard to where LUNA will be trading around this time next year.
Pseudonymous crypto trader “Sensei Algod” is so bearish on Terra’s token that he recently wagered $1,000,000 that by March 14, 2023,
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