Today, crypto enthusiasts are taking note of a regime change. Dogecoin (CCC:DOGE-USD) fell off the list of top 10 cryptos based on market capitalization (cap), with Terra (CCC:LUNA-USD) taking its place. Now, the market cap of Terra is currently $2.8 billion greater than Dogecoin. As a result, price predictions for Terra are surging higher as crypto analysts digest what this could mean for Terra moving forward.
According to the official website, Terra is “a public blockchain protocol deploying a suite of algorithmic decentralized stablecoins which underpin a thriving ecosystem that brings DeFi to the masses.” LUNA is the native token of Terra and is used to stabilize the price of the protocol’s stable coins.
In recent Terra news, Hong Kong venture capitalist firm Chiron Partners announced that it had raised $50 million for the Chiron Terra Fund I. The fund will aim to create decentralized finance (DeFi) and metaverse non-fungible token (NFT) projects on the Terra blockchain.
While the majority of cryptocurrencies have sold off the past seven days, Terra has actually risen. In fact, the LUNA token is up 5% the past week compared to Bitcoin’s (CCC:BTC-USD) 16% decline in the same period. Additionally, Dogecoin has declined by 17% the past week, allowing Terra to overtake it.
Expectations for Terra’s price are soaring higher as analysts expect the recent momentum to continue. Here’s what crypto analysts think about Terra price predictions.
Credit to @ investorplace
