Terra LUNA/USD is an open-source blockchain protocol that underpins algorithmic stablecoins as well as a network of financial apps.
The stablecoins follow the price of FIAT currencies such as the U.S. dollar or Euro, for example. Luna is the counterweight to the Terra stablecoin that absorbs any volatility.
The Astroport deployment as a catalyst for growthOn December 10, we discussed if there’s more room for LUNA to grow after it reached the 10th spot in terms of market capitalization.
Terra (LUNA) has seen a lot of developments recently.
This included the launch of Columbus-5, Wormhole v2, as well as the Inter-Blockchain Communication (IBC) Protocol.
These upgrades are considered the fuel which has ignited LUNA’s rally as it has implemented a burning mechanism to its network.
This upgrade has turned the LUNA token into a deflationary asset as a result, which could continue to see buying pressure in the future as well.
Additionally, we also saw the deployment of Astroport, which is an Automated Market Maker (AMM) on Terra.
While the protocol is still in its early phase, it has seen over $1 billion in inflows.
This addition to the Terra ecosystem showcases the importance of adoption when it comes to the performance of this token and has fueled its value to grow.
Should you buy Terra (LUNA)?On December 22, Terra (LUNA) had a value of $93.75.
To get a better perspective as to what kind of value point this is for the Terra (LUNA) token, we will go over its all-time high value as well as its performance last month.
The all-time high value of the Terra (LUNA) token was on December 22, when it reached a value of $95.08.
When we go over the performance of the token in November, on November 24, the token had its lowest value point of $37.99.
On November 30, the token had its highest value point at $58.81. Here, we can see that the token grew in value by $20.82 or by 54% throughout the span of November.
That said, from November 30 to December 22’s ATH value point, the token grew in value by $36.27 or by 61%.
With this in mind, at $93.75, LUNA is a solid buy as it could reach $100 by the end of December.
The post Terra price forecast: Can LUNA grow to an even higher ATH value point after the deployment of Astroport? appeared first on Invezz.
