The ever-changing scene of the crypto market has seen yet another shuffle. LUNA joined the “Big Boys” as it flipped DOGE and is now the tenth largest coin by market cap. The project attained this height thanks to a short burst it saw on Saturday, with most cryptocurrencies seeing massive dips.
The burst saw the coin hit a new all-time high as well as its market cap. The total worth of the project spiked as high as $32.2 billion during the time that LUNA traded at $85 per unit. The feat gave the now tenth largest coin by market cap the spot with little resistance from the former occupant.
At this time, Terra is going through a cooldown and is trading at $65 per token – 25% lower than its ATH. LUNA total worth as of the time of writing is estimated at $24 billion and still holds down the spot as DOGE (the eleventh coin) was one of the many cryptocurrencies at the receiving of the correction that wiped out more than $300 billion of crypto market.
Dogecoin is trading at $0.17 per unit which brings its market cap to $22 trillion. This still leaves the tenth spot open for contenders, with both DOGE and Avalanche closing in on Terra as they hope to recover. However, many will wonder why the tenth largest project is seeing these hikes.
Why LUNA Hit a New All-Time High
Many will remember Solana as one of the fastest rising coins. The secret to the surge the token saw was the launch of an NFT collection on its ecosystem. Similarly, Terra sees the spotlight as a result of the same catalyst.
On November 30, Styllar recently announced their release of collectible NFT avatars on Terra (LUNA), each completely custom and of the highest quality on the blockchain. The collection is said to merge pop culture, fashion and NFTs into life
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