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Crypto analytics firm Santiment is laying out its outlook for Terra (LUNA) after the Terra ecosystem supporting Luna Foundation Guard (LFG) raised $1 billion in a private token sale.
The Singapore-based non-profit says that the proceeds from one of the largest token sales in crypto history will be used to establish a Bitcoin (BTC)-denominated forex reserve for Terra’s dollar-pegged stablecoin TerraUSD (UST).
LUNA is currently trading at $58.96 from a high of nearly $100 in December, but Santiment says that the token will likely surge based on signals from its social dominance metric.
Social dominance measures how popular a particular crypto asset is against other crypto projects at a particular point in time. Usually, crypto assets that receive a higher percentage of media attention switch price directions more quickly.
According to Santiment, Luna’s social dominance is at its highest in more than six months despite the bearish sentiment of traders. The behavior analytics platform says that the spike in discussions suggests that LUNA is heading in a positive direction.
“LUNA sits as the 11th largest cryptocurrency. It gained major fanfare in 2021, and appears to be a hot topic despite its 3-month drop. It’s currently seeing the highest percentage of discussion since October, a good sign of an incoming turnaround.”
By Daily Hodl Staff
