Terra LUNA surpasses Shiba Inu after hitting new ATH

LUNA, the native for the Terra blockchain, has been on a major uptrend this week, as its weekly gains stand at around 67%. On December 2, LUNA hit an all-time high of $65.50, according to CoinGecko.

The current data also shows that the token has gained around 9.5% during the past 24 hours, and the uptrend is still strong.

LUNA's market cap makes major surge

Following the LUNA token's gains during the past week, the token is now ranking as the 12^th largest one in terms of market capitalization. The market cap for this token currently stands at more than $25 million.

Currently, LUNA's market cap has ranked higher than Shiba Inu, which stands at over $23 million. Shiba Inu is currently standing as the 13^th largest cryptocurrency, according to data from CoinGecko.

Terra is a blockchain that is supported by Mike Novogratz. Terra is a blockchain network that offers support for a wide range of algorithmic stablecoins whose values are pegged to the US dollar value.

LUNA is the native token for the Terra blockchain. The token is responsible for holding the prices of these stablecoins. It has a flexible supply that changes according to demand to bring price stability and aid the protocol with its mint/burn feature.

The price of LUNA is currently enjoying notable growth because of the growth of the TerraUSD (UST) stablecoin.

Terra's blockchain is also growing

Besides the gains made by the LUNA token, the Terra blockchain is also growing. Validators on the Terra blockchain can stake LUNA tokens to verify transactions on the blockchain, which has benefited the entire blockchain.

The LUNA token brings stability to the Terra UST stablecoin network and is also used for voting in various governance decisions on the project.

Data from DeFi Llama also shows that the Terra blockchain is also growing by the number of smart contracts available on the network. Currently, the Terra blockchain accounts for 4.69% of the entire share of smart contracts. The total value locked (TVL) on the blockchain stands at around $12.84 billion. In September, the Terra blockchain launched Columbus-5, a highly anticipated upgrade that allowed the blockchain to achieve interoperability with other blockchains.