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LUNA makes a huge rally, recording 9% increase

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The LUNA token of South Korean company Terra has made a major rally in the past 24 hours, recording an almost 9% increase in its price shortly after news about the possibility of the company working on local-stablecoin with Busan came out.

At past 09:05 UTC, LUNA ranked 21st based on its market capitalization and was trading at almost $19. Last week, the token had registered growth of 35% and despite its price almost unchanged in a month, its nearly 9,500% increase in a year is still amazing.

With the current development involving Terra, it seems there is no other way to go but up for LUNA.

Terra enlisted for help

A report from Tech M cited by Cryptonews.com said there was a proposal for the enlistment of the help of Terra. The proposal reportedly came from an advisory committee working on an overhaul for the city’s Blockchain Free Zone for a newly elected mayor, Park Hyung-joon.

Accordingly, there were local stablecoin plans, as Park’s manifesto contained a number of blockchain and local stablecoin-related pledges.

City officials have confirmed that the advisory group was composed of a range of blockchain experts and have outlined a relative action plan for the Park administration.

What’s the plan?

Some details of the report included parts of the plan that involves the possible issuance of digital ID cards for Busan citizens, the use of blockchain technology in upgrading the Dongbaekjeon local currency, and city-operated digital asset exchange.

It was also disclosed that the advisory committee made the suggestion that Terra stablecoins can be used on the planned exchange together with the Dongbaekjeon tokens.

Meanwhile, the composition of the committee has been made public, and it included financial service operators and crypto-related companies, including those from the decentralized finance (DeFi) space.

 

Image courtesy of Johannes – Freedom Hacking/YouTube

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Source: https://bitcoinerx.com/bitcoin/luna-makes-a-huge-rally-recording-9-increase/

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