Stephanie Douse 
TerraUSD Stablecoin reaches new high and close to surpassing Dogecoin by market cap
TerraUSD Stablecoin Reaches $15 Billion, Close Down on Dogecoin
According to CoinMarketCap data, the market cap of the TerraUSD (UST) algorithmic stablecoin has surpassed $15 billion for the first time.
It’s on the verge of overtaking meme cryptocurrency Dogecoin, which is still in 13th place after months of sluggish price movement.
LUNA, the Terra blockchain’s native token, is currently flat, adding only 0.30 percent.
After hitting a fresh all-time high of $103.88 on March 9, the cryptocurrency has struggled to continue its momentum. On major spot exchanges, it is now trading at $88.
LUNA held a private token sale last month to raise $1 billion for its Bitcoin-denominated reserve.
When new UST tokens are minted, the native token’s supply is periodically depleted (and vice versa).
Arbitrageurs are rewarded for maintaining the stablecoin’s dollar peg by exchanging it for LUNA at a discount.
Burning LUNA tokens increases the circulation supply of the stablecoin once it reaches $1.
Taking a Chance on LUNA’s Future
Terra exploded in popularity in the second half of 2021, quickly becoming one of the most popular cryptocurrency ventures.
The so-called “Lunatics” aren’t the only ones who are enthralled.
Many skeptics believe that the cryptocurrency is overvalued, despite the fact that the Terra ecosystem is long-term viable.
In January, MakerDAO founder Rune Christensen criticized the stablecoin as a “solid Ponzi.”
Sensei Algod, a crypto trader, bet a million dollars last week that LUNA would sell below $88 on March 14, 2023.