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🎓 A whale bought 42 million Strips (UST) in the last 24 hours

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Top whales have bought more than 42 million Terra UST (UST) stablecoins in the last 24 hours, according to data from WhaleStats.

The whale tracking service, WhaleStats, reported that 42 million USTs were purchased in four large transactions in the last four hours.

The first transaction amounted to 15,000,000 UST valued at $15,060,000, then 9,000,000 UST valued at $9,036,000, followed by a third transaction in which the whale received 10,000,000 UST valued at $10,040,000. The fourth deal was for 8,000,000 UST valued at $8,032,000.

The UST, the original dollar-pegged terra stablecoin, is held stable through the exchange mechanism, whereby traders can sell 1 UST for $1 of the moon at any time.

Greater stability can increase the demand for UST, reducing the supply of moon. The generation of UST is favored by the burning of Luna, therefore Luna’s fortune is closely related to the actions of UST. That is, for a UST instrument, one Luna dollar must be taken out of circulation.

UST’s market capitalization has soared to $14.7 billion, according to data-tracking website CoinMarketCap, making the dollar-pegged digital asset the world’s fourth-largest stablecoin as major investors they tend to focus their attention on less volatile digital assets like stablecoins, during periods of volatility AND big dips in the cryptocurrency market.

Meanwhile, Luna has steadily increased in value to become the seventh largest cryptocurrency, currently trading at $91.65.

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