Terra (LUNA)’s stablecoin UST is just behind Dogecoin (DOGE) in the ranking of cryptocurrencies by market cap on Coinmarketcap. Terra USD (UST) reached a market capitalization of $15 billion for the first time in history. If the whales continue to buy Terra USD, UST will surpass Dogecoin’s market cap of $15.580 billion.
UST May Pass DOGE
Before the Fed’s interest rate announcements, most investors turned to stablecoins either because they believed in the strength of the dollar or to secure their money in the already volatile crypto market. This trend may also be due to the fact that LUNA has risen over the past two weeks, while the entire crypto market has been falling. Because LUNA and UST progress in relation to each other and 1 dollar Terra (LUNA) needs to be burned to produce 1 Terra USD (UST).
Dogecoin (DOGE), on the other hand, has been showing a lazy price movement for months. However, DOGE is known as the king of meme tokens, and no prank coin has yet emerged that surpasses it in any value. On the other hand, LUNA is trading at $88.9, down 0.4% in the last 24 hours. Although LUNA is below the all-time high of $ 103.88, which it reached on March 9, it is still the star of altcoins with its rise and recovery, after 3 months of uncertainty in the crypto market.
Terra experienced significant growth in the second half of 2021 and has become one of the leading crypto projects. However, despite all these developments, there may be some opposing comments. For example, Rune Christensen, founder of MakerDAO, says stablecoins are the strongest Ponzi. In addition, the famous investor Sensei Algod reports that LUNA will remain below $ 88 in 2023. Developments beyond all this show that LUNA and UST are standing firm in the market.