What more to say? Cryptocurrency market overall is still flat or slightly down, while LUNA is rising just enough to continue its climb in overall market cap.
For those still not understanding why LUNA can go up in a down market look at the supply of LUNA in the past five days.
The token is basically having over 1.4 million tokens burned forever. This reduces the overall LUNA supply, presently down to under 765 million. The reduction comes with increase in algorithmic stable coin UST.
UST continues to also climb in market cap and is increasing around $150 million daily. The adoption of UST continues to make more people want to hold UST. In addition in a bear cryptocurrency market the demand for stable coins is at its greatest.
Anchor protocol giving the daily 20% APY for over a year is luring in more users to hold UST stable coin. This in turn leads more burning of LUNA token for UST. The cycle appears to continue in full strength as each day the algo is limited to 1.5 million LUNA being burned. At this pace it will take 177 days of continue max daily burn of LUNA to reach under 500 million LUNA and if price of LUNA simply remains at $100 add a little more than 260 million UST into circulation. Does not take a lot of math to realize where LUNA and UST is going.
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
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