Terra Purchased AVAX worth $100M
According to Bloomberg, the Luna Foundation Guard, a non-profit organization that promotes the Terra blockchain, has taken the step of diversifying its cryptocurrency holdings by acquiring Avalanche (AVAX) tokens worth $100 million.
According to CoinMarketCap statistics, the change is intended to increase the stability of the native UST stablecoin, whose market capitalization has already risen to $16.7 billion as a result of the shift.
Since LFG announced that it will be constructing a billion-dollar Bitcoin reserve, LUNA, the Terra blockchain’s governance token, has seen a significant increase in value.
The Terra co-founder Do Kwon made light of the situation by tweeting that he had just acquired another $230 billion worth of Bitcoin before vacuuming the home, which he later deleted.
Kwon’s most recent Bitcoin purchase did not result in a significant increase in the price of the LUNA token.