In less than a week Luna token has risen over 60% making it now the 7th highest in market cap based on coinmarketcap.com
This means over the weekend Luna has now surpassed both Solana and Cardano in market cap. Luna is less than $5 billion from surpassing XRP. If indeed Luna can surpass XRP it will only be behind BTC, ETH, and BNB in coin utilities while USDT and USDC are basically stable coins.
Meanwhile stable token UST is rising in market cap also and now ranked 15th overall at nearly $13 billion. The adoption of stable coins remains strong as the bear market persists in cryptocurrency. Still the rise in UST is far less than that of USDC and USDT at $53 billion and $80 billion respectively. The rise in UST adoption remains strong as on ramps such as Kado.
Fiat money to UST is only going to continue to rise and as its easier to on ramp so will be the rise in UST market cap. For those yet to still understand the corrolation of Luna and UST take a look at the following most recent Luna burn data.
Over a million Luna tokens are being burned daily for almost two weeks now since and signs of scarcity Luna in circulation is occurring. I don't need to prove a point, the market is doing that for us.
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
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