Recent sessions in the markets reveal that LUNA spiked as the asset rose with about 60% increase in price on Monday moving the less popular coin to the top 30 halls of fame.
The question in the community is “is LUNA (Terra) the new altcoin to do wonders in the market?” The project is quite novel comparing it to the majors in the top 30 in the cryptocurrency market based on market cap.
Though Terra has been in the market for about two years now, the coin project has beginning to gain attraction and attention of traders and investors in the market. One of the major factors that speak for the rise to significance can be attached to the seigniorage features of the coin.
Irrespective of the fundamental analysis, traders are already smiling in the market, and the project has risen to the top 30 in the market. Furthermore, according to CoinGecko Exchange Platform, Terra (LUNA) is ranked the best gainer for the day so far, having gained over 60% in a jiffy.
A Fast-Rising Bombastic Project
Terra has carved out an ecosystem of operations on the cosmos (ATOM) blockchain. It then has been the second-ranked biggest project responsible for the endemic ATOM (Cosmos) Token. There are currently three of the projects on the Cosmos Blockchain in the top 100 coins in the crypto market.
Without the Cosmos (ATOM) token, other tokens like Terra (LUNA), THORChain (RUNE), and Crypto.com (CRO) have found a spot for themselves on the top 100 halls of fame. Though, there is nothing less than ten projects on the Cosmos Blockchain features.
One of the aims of Terra is to build an ecosystem and legacy that challenge traditional financial protocols. The project uses the “Chai” e-wallet payment wallet and also integrates a Mongolian e-wallet used by about 1,5% of the online population, MemePay.
Both payment platforms have over two million users altogether, and the transactional volume hits over $1 billion per annum. It is now the third-ranked highest market generating fees after the crypto market leader, BTC and ETH. The project spawns fees of about $16 million in a year.
A New ATH for Terra
Though there is a lot about Terra to be excited about, there is evidence that the future plans and success of Terra are being priced in. The cumulative gain of the project in the last seven days is 213%, and the market cap has hit $2.16 billion outrunning popular projects like Sushi, Neo, Solana and Compound.