$LUNA market capitalization faces a massive increase in the last 24 hours as the token still moves in opposition to the market
Project's fundamental background
Terra is a blockchain protocol that utilizes fiat-pegged stablecoins for their payment ecosystem. It currently offers a whole variety of stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik and others.LUNA also acts as the governance token for the network, which allows holders to submit votes on governance proposals, which gives it additional functionality and use cases.
Another reason behind the growth of the token could be tied to the increased demand for stablecoins as most investors on the market are actively withdrawing their digital funds from centralized exchanges and putting them in private wallets, or DEXs.
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