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Terra (LUNA) Goes Past Shiba Inu (SHIB) After Hitting New All-Time High

LUNA is the native staking token that underpins the Terra blockchain. Currently, it hits another milestone, hitting a new all-time high of $64.87 earlier today.

Furthermore, The cryptocurrency is recording 14% increase over the past 24 hours, according to data by CoinMarketCap.

Also, its market cap comfortably tops $25 billion. More so, The Mike Novograt Terra Blockchain Platform, is now worth over Shiba Inu (SHIB). That’s, it’s sitting on 12th, while Shiba sits in the 13th place, on CoinMarketCap.

Notably, Terra is a blockchain platform that brings a suite of algorithmic stablecoins linking to various fiat currencies. Also, The native LUNA token handles the issue of securing the price stability of these stablecoins. Furthermore, Its elastic supply adjusts to the level of demand with the assistance of the protocol’s mint/burn feature.

Consequently, The Terra (LUNA) price is is leveraging on the growth of the TerraUSD (UST) stablecoin.

Whereby, Validators stake Luna so as to be able to verify transactions and also for voting on various governance decisions.

More so, as per data by DeFi Llama, Terra has a 4.69% share of the smart contract market with $12.84 billion in total value in lock.

Lastly, in September, Terra announces rolling out its Columbus-5 that, aiming interoperability with other blockchains.

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