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The digital currency Terra surpasses Dogecoin in the top of the 10 most important cryptocurrencies in the market – Entrepreneur

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Terra is a blockchain that is based on the Cosmos software. It was created by a South Korean company, Terra Labs.
The history of cryptocurrencies has not been the most stable, having very large falls followed by rises in the market. Last weekend, Bitcoin suffered a nearly 30% crash following the BitMart heist. At the same time, the digital currency Terra got its place in the top 10 of the most important cryptocurrencies of the moment displacing Dogecoin to # 11.
Terra is a blockchain that is based on the Cosmos software. It was created by a South Korean company, Terra Labs. Its project wants to decentralize finances by creating applications that can generate cryptocurrencies or “stablecoins” with ease. Its token is called LUNA, which, since the beginning of the year, has increased in value by more than 10,000 percent. On November 25 it was worth $ 16 billion, and by the first week of December it was already at $ 29 billion.
Its growth so fast is due to the fact that the update of its protocol activated a burning mechanism, which makes the LUNA token disappear and, as it is scarcer, its value increases.
“To this is added how well the Terraform Labs team is working, which investors value a lot, and therefore they give their support by buying more tokens. The Terra token surge was triggered by a strong team performance, creating more and more value over the months. The work they have been doing is currently being reflected in prices ”, said the CEO of Capital Ediciones, Yanina Orrego, in an interview with Infobae.
Even though LUNA is down a bit since hitting its all-time high this month, data indicates that it is still climbing 7% per day.
Robert Finlay
Entrepreneur en Español
Entrepreneur en Español
Jea Yu
Claire Swinarski, Contributing Editor
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