Terra (CRYPTO: LUNA) , the native token of the blockchain that also supports the TerraUSD (CRYPTO: UST) stablecoin, was popular among investors on Tuesday. As of late afternoon that day, Terra had enjoyed a rise of just under 8% across the past 24 hours to hit a new all-time high of $106.48 per coin.
Crypto-heads were cheered by the fact that the developer of the two cryptos was continuing to add to its big Bitcoin (CRYPTO: BTC) reserve.
Do Kwon, CEO of Terraform Labs (the entity behind the Terra ecosystem) and its related entity the Luna Foundation Guard, announced plans earlier this month for the Foundation to collect $3 billion in Bitcoin to help support TerraUSD. And that's only the start -- ultimately, the aim is to amass $10 billion in the bellwether cryptocurrency.
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Why Terra Was Up by Almost 8% Late on Tuesday