Terra hits record high while surpassing Shiba Inu

LUNA, the staking token of Terra, the fourth largest smart contracts platform, has once again hit an all-time high today, according to CoinMarketCap.

A price surge of almost 60% in the last seven days has led the altcoin to a record high of $64.87.

As stated on their official website, Terra is a public blockchain protocol that deploys a suite of algorithmic decentralised stablecoins which underpin a thriving ecosystem that brings DeFI to the masses.

It’s the second time in under a month, the altcoin has hit an ATH after reaching a value of nearly $49 in early November, following the news of Terra’s proposal to burn around 88.7 million LUNA tokens.

The burn of those tokens enabled Terra to create its native stablecoin project, the Terra USD or USDT.

The reach to the initial ATH was certainly helped by Terra’s integration with Wormhole V2 that had created a four-way bridge for digital assets between the four largest blockchain ecosystems.

Surpassing Shiba Inu

The ATH came with perks, one of them being exceeding its market cap, now topping $25bn, which is now worth more than Shiba Inu.

According to CoinMarketCap, Terra and Shiba Inu now rank 12th and 13th, respectively.

While Terra’s been on a tear as of late, it’s been a struggling period for its counterpart, falling 4% this past Wednesday, according to data from CoinGecko.

Despite Shiba’s listing on crypto exchange Kraken and e-retailer Newegg Commerce, which caused a 36% price rally, the meme coin is down almost 11% in the last two weeks.