Luna Foundation Guard Bitcoin Holdings leaves LUNA on the ropes
This week, the Luna Foundation Guard (LFG) bought another $1.5 billion in BTC.
Do Kwon, co-founder and CEO of Terra Labs, also announced the $1.5 billion BTC purchase on Twitter, saying:
“LFG has acquired 1.5 billion worth of bitcoin in the past few days.”
LFG has sold $1.5 billion worth of bitcoin over the past few days
Still a lot to do
Now time to water the plants 🌱 https://t.co/roSJfVVa3k
— Do Kwon 🌕 (@stablekwon) May 5, 2022
Do Kwon went on to tweet,
“Don’t worry about #Bitcoin – it’s a fungible freedom to counter fungible state violence in fiat.”
Add to,
“And its rise will be inevitable as long as humanity yearns to be free.”
Don’t worry about #Bitcoin – it’s fungible freedom to counter fungible state violence in fiat.
And its rise will be inevitable as long as humanity yearns to be free 🧡
— Do Kwon 🌕 (@stablekwon) May 5, 2022
In February, the LFG created a BTC-denominated reserve for TerraUSD (UST), which supported the LUNA rally to an all-time high of $118.03 on March 4th.
Bitcoin’s reversal has had a negative impact on LUNA over the past few days, with LUNA lagging the broader crypto market. At the time of writing, LUNA is ranked 9th on CoinMarketCap, with Cardano (ADA) now ranked 8th.
According to Defi Llama, Terra’s total value currently stands at $23.78 billion, down 15.8% over the past 24 hours. However, Terra (LUNA)’s total market cap of $22.55 billion is down 10.5%, suggesting further downside for LUNA.
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