During the previous 24 hours, the top ETH whales have acquired over 42 million Terra (UST) according to WhaleStats statistics.
A whale is somebody who possesses a significant amount of cryptocurrency or is otherwise a large holder. Terra USD, or UST, is the Terra blockchain’s decentralized and algorithmic stablecoin.
The 42 million UST were acquired in four huge transactions, according to whale tracking firm WhaleStats over the previous four hours.
The transactions involved the purchase of 15,000,000 UST or $15,060,000, followed by the purchase of 9,000,000 UST or $9,036,000, and finally the purchase of 10,000,000 UST or $10,040,000 by an ETH whale. In the fourth transaction, an ETH whale spent $8,032,000 buying 8,000,000 UST.
Large investors prefer to turn their focus to less volatile crypto-assets such as stablecoins during moments of volatility and macro falls in the cryptocurrency market.
Terra’s native dollar-pegged stablecoin, UST, is kept stable through a swap mechanism, which allows traders to sell 1 UST for $1 worth of LUNA at any time.
Increased stability may lead to higher demand for UST, lowering LUNA supplies. Because the production of UST is aided by the burning of LUNA, the fortunes of LUNA are closely connected to those of UST. To put it another way, in order to mint one UST, one LUNA must be removed from circulation.
According to data tracking website CoinMarketCap, the market value of UST has increased drastically to $14.7 billion, making the dollar-pegged digital currency the world’s fourth-largest stablecoin. Meanwhile, Terra’s LUNA has gradually increased in market value to become the seventh-largest cryptocurrency, valued at $91.65 at the time of publication.
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