A widely followed crypto strategist says he’s bullish on Ethereum rival Terra (LUNA) despite the ongoing correction in the crypto markets.
The pseudonymous analyst known as The Crypto Dog tells his 736,200 Twitter followers that it’s only a matter of time before decentralized finance (DeFi) payment network Terra rallies to new all-time highs.
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“LUNA is clearly running to all-time highs once BTC chills out. A lot of charts look like sh*t. This is not one of them.”
Terra is currently exchanging hands at $78.23, down over 10% in the last 24 hours.
The Crypto Dog’s prediction comes as Terra’s ecosystem continues to show strong signs of fundamental growth despite the pullback in the crypto markets.
Decentralized finance tracking platform DeFi Llama shows that the total value locked in Terra has exploded nearly 10% in the last seven days and over 50% in the last month.
The TVL of a blockchain represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
At time of writing, Terra is the second-largest blockchain in terms of total value locked with a TVL of $21.54 billion, which is 8.34% shy of its all-time high of $23.5 billion, according to DeFi Llama.
Earlier this month, the dollar value of all crypto staked in Terra surged to over $30.20 billion, briefly surpassing its rival Ethereum (ETH).
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Featured Image: Shutterstock/Merlin74/WindAwake
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