The Luna (LUNA) digital token has risen 10% in the past 24 hours to reach a new all-time high of $105.91 U.S.
Luna’s previous high of $104.74 U.S. was reached earlier this month, according to price data.
Luna is one of the two native tokens of the Terra network, a framework that allows developers to create custom blockchains and build their own decentralized applications for various use cases.
Sentiment for Luna has grown in the past month largely due to the Luna Foundation Guard (LFG), a Singapore-based non-profit organization that is purchasing over $3 billion U.S. worth of Bitcoin (BTC) as an additional layer of security for Terra’s decentralized dollar-pegged stablecoin.
Luna has now risen 86,215% from its all-time low of $0.12 in March 2020, making it one of the best performing cryptocurrencies of the past two years.
Luna now has a market capitalization of nearly $40 billion U.S. and is ranked as the eighth largest cryptocurrency.
