According to WhaleStats data, over the past 24 hours, large ETH whales have purchased more than 42 million USTs.
TerraUSD (UST) is a decentralized stablecoin that runs on Ethereum and strives to maintain its value of $1.00.
In the past four hours, whales have purchased more than 42 million USTs in four major transactions, according to WhaleStats data.
Transactions were UST 15,000,000, UST 9,000,000 and UST 10,000,000, respectively. Purchased at UST 8,000,000 in the fourth and final transaction.
With the volatility and decline in the cryptocurrency market, large investors are choosing to invest in less volatile crypto assets such as stablecoins.
TerraUSD is a decentralized stablecoin that runs on Ethereum and strives to maintain its value of $1.00. Unlike centrally stable cryptocurrencies, UST is not backed by US dollars in a bank account. Instead, $1.00 worth of TerraUSD reserve assets (LUNA) must be burned to issue 1 TerraUSD.
According to Coinbase data at the time of writing the news; TerraUSD price is up 0.88% in the last 7 days. The price is down 0.87% in the last 24 hours. The price has dropped 0.11% in just the past hour. Current price is ₺14.705407 per UST. TerraUSD is 4.34% below its all-time high of £15,37284.
Do Kwon and Daniel Shin founded Terra (LUNA) in April 2019. In September 2020, they launched TerraUSD on Bittrex Global. Since that date, TerraUSD has outstripped many stablecoin competitors in the market, such as GUSD (Gemini) and PAX (Paxos). Terra is TerraUSD's own blockchain, the creation of Terraform Labs (a subsidiary of Terra Alliance).
Do Kwon is the CEO of Terraform Labs. He is a former software engineer at Microsoft and Apple. He also served as CEO of Anyfi, a startup providing decentralized solutions for wireless mesh networks. Kwon is included in the Forbes 30 Under 30 list of the world's most successful entrepreneurs.
Co-founder Daniel Shin is a talented economist and entrepreneur. Before Terra Alliance, he co-founded Fast Track Asia, a startup incubator, and managed to co-found and lead TMON (Ticket Monster), a South Korean e-commerce platform.