Cryptocurrencies
Luna Surges as Token Becomes the ‘Latest Shiny Thing’ in Crypto
- Coin price has jumped about 60% in the past seven days
- Network is destroying Luna tokens amid shift to stablecoin
The Terraform Labs website
Source: Terraform Labs
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Terraform Labs’ Luna token is climbing into the ranks of the largest cryptocurrencies amid changes in how the coin is used for its blockchain payments network and optimism about the potential for decentralized applications.
Luna has jumped about 60% in the past seven days, according to pricing from CoinGecko, making it the 12th-largest cryptocurrency with a market value of around $25 billion. The surge comes as Singapore-based Terraform is embroiled in a dispute with the U.S. Securities and Exchange Commission over whether the platform is selling unregistered securities.