Lark Davis, a well-known cryptocurrency influencer, tweeted that Luna presently owns 42,500 bitcoin, which is worth a total of 1.7 billion. In addition, they want to purchase further Bitcoin in the near future.
— Lark Davis (@TheCryptoLark) April 21, 2022
Luna Foundation Guard (LFG) has been on a Bitcoin purchasing spree, with the objective of collecting reserves to transform their algorithmic stablecoin Terra USD UST/USD into one that is backed by Bitcoin in the future.
Luna Foundation Guard (LFG) has established a bitcoin reserve of around $520 million as of the end of last month, which it hopes to use to underpin its TerraUSD stablecoin (UST).
Despite the objections of certain members of the Bitcoin community, a large purchase of BTC had a noticeable impact on the cryptocurrency’s atmosphere and, quite possibly, on its price as well.