Ethereum killers are hitting new all-time highs, with high daily trade volume and market capitalization. Cardano, Solana, and Terra have hit new ATH as they surged 14.5%, 70.4%, 60.1% respectively in just the last 7 days.
On August 19, Terra’s LUNA recorded its all-time high of about $33.4 with a 7-day gain of 72%. Since then it has retraced 10% and is trading at $28 level.
Will LUNA surge back after a retracement is now being determined. Chiming in on this is popular analyst Lark Davis.
In a recent YouTube Video, Davis says, LUNA can be considered as a strong competition for the next leg of the bull run.
According to Lark, the platform has risen in the ranks by just focusing on highly sought applications. He points out that the token holds 22nd position on the market cap rank, by having just three applications on the blockchain.
The crypto lending protocol Ankr (ANKR), the synthetic stock trading platform Mirror (MIR) protocol, and the mobile payments app Chai are the three applications on the blockchain.
Davis also points out a distinguishing aspect of UST, LUNA’s native algorithmically pegged stablecoin. When new UST is created, the feature needs LUNA tokens to be burned from supply.
Columbus 5 – The Upcoming Update
Davis further adds to his bullish argument discussing the planned “Columbus 5” improvement to the Terra ecosystem.
The upgrade is set to burn all seignorage, Pay more to stakers and Cosmos IBC integrations. The Wormhole upgrade for Terra will connect it to Ethereum, Solana, and the Binance Smart Chain.
Hence, Davis says,
“….Assuming this and more of the same from Terra and I think the price will go much higher.”