Terra Foundation has added another 2,830 Bitcoin (approximately $133.5) to its wallet in a bid to accumulate $10 billion worth of Bitcoin (BTC).
OKLink has identified the foundation’s BTC wallet address, according to WU Blockchain, which now holds approximately $1.3 billion in Bitcoin. The entire amount in the account is now 27,784.96 BTC. The world’s most valuable cryptocurrency is currently worth $47,179.
LUNA plans to build a $10 billion BTC reserve
Do Kwon, Co-founder and CEO of Terraform Labs, on March 14, stated that TerraUSD (UST) will accumulate $10 billion in bitcoin as reserves. He went on to say that this will bring about a new monetary era for the BTC standard. This started the massive accumulation by Luna.
Terra had earlier shared a proposal created by Jump Crypto on how the Luna Foundation Guard can deploy its BTC reserve on-chain in a reserve mechanism that will protect UST amid negative pressure.
The Luna Foundation Guard’s wallet address is making 9 transactions each day, with a maximum of 29 transactions per week, according to OKLink. Meanwhile, 42 transactions have been completed to date. However, the greatest trading amount has been 8,588 BTC. Terra appears to be following through on its promise to keep buying.
The Luna Foundation Guard announced last month that it will establish a Bitcoin reserve for Terra’s UST stable coin. crypto-focused venture capitalists raised around $1 billion. Terra’s CEO later explained that they plan to buy $3 billion worth of Bitcoin in the short term.
Terra’s 24-hour trading volume increase by 50%
Terra’s price has risen by more than 4% in the last 24 hours. At the time of writing, Luna was trading at an average price of $95.10. The coin’s 24-hour trading volume of $1,424,923,903 has also increased by around 50%. Luna is the ninth-largest cryptocurrency, having a market valuation of $33.8 billion, according to CoinMarketCap.
Meanwhile, Bitcoin has also increased by 5% in the last 24 hours, trading at $47,179. Interestingly, BTC has seen a 90 percent jump in 24-hour trading volume.