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Do Kwon’s Luna Foundation Guard turns into prime 20 hodler of Bitcoin

Do Kwon’s Luna Foundation Guard turns into prime 20 hodler of Bitcoin thumbnail
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Luna Foundation Guard (LFG) bought one other $176 million price of Bitcoin (BTC) on April 10 to change into one of many prime 20 most prosperous Bitcoin addresses.

Terra purchased one other 4,130 #BTC ($170m) as we speak.

They now maintain greater than 0.2% of the present #bitcoin provide. That places it within the prime 20 wallets when ranked by holdings.

Total holdings=39,897 BTC

— Harry 🌕 (@CryptoHarry_) April 10, 2022

The Master of Stablecoin, Do Kwon, additionally additionally hinted concerning the buy on Twitter. after coping with a “Luna expose.”

Feeling cute, would possibly buy groceries later 🧡

— Do Kwon 🌕 (@stablekwon) April 10, 2022

In January, LFG introduced that it’s going to buy $10 billion price of BTC. So far, it has spent $1.73 billion on roughly 39,897 BTC, which it holds in reserve. Since January 26, the LFG Bitcoin pockets has grown from lower than one BTC to nearly 40 thousand BTC over 91 transactions.

If they proceed to purchase Bitcoin into this pockets till they attain $10 billion, they may have the second-largest Bitcoin pockets. The greatest pockets presently holds 252,597 BTC and is owned by Binance.

Bitcoin shouldn’t be the one layer one blockchain venture on LFG’s steadiness sheet. It has additionally began shopping for Avalanche (AVAX) tokens to assist its UST reserve. Furthermore, an announcement on April 7 confirmed that the UST reserve would even be including different layer one crypto belongings sooner or later to create a “numerous pool.”

Welcoming $AVAX because the second main layer one crypto asset subsequent to $BTC as a part of the $UST Reserve.

The inclusion of @avalancheavax’s native token marks the beginning of a various pool of layer one crypto belongings serving to assist the $UST peg.

It’s solely just the start frens. https://t.co/5utdQMVAiw

— LFG | Luna Foundation Guard (@LFG_org) April 7, 2022

UST is an algorithmic stablecoin which suggests there isn’t a official requirement to personal belongings as collateral to peg the greenback worth of the coin. Instead, the LUNA token works to keep up parity between UST and the greenback.

LFG intends to create a UST reserve consisting of Bitcoin, Avalanche, USDC, and USDT.

Liam “Akiba” Wright Reporter at CryptonomieLiam first obtained into crypto by mining Dogecoin after hours at his video manufacturing firm in 2012. Since then he has change into a ‘blockchain maximalist’ fascinated by all features of web3.

Posted In: Avalanche, Bitcoin, Terra, Adoption Recent Luna Foundation Guard Stories Luna Foundation Guard (LFG) buys an extra 2,943 BTC for $139M Jinia Shawdagor · 2 weeks in the past · 2 min learn Bitcoin dips beneath $43k – UST backing not sufficient as Fed turns hawkish Laszlo Dobos · 3 days in the past · 3 min learn Terra expands reserve for UST past Bitcoin, buys $100 million Avalanche Oluwapelumi Adejumo · 3 days in the past · 2 min learn Get an Edge on the Crypto Market 👇Become a member of Cryptonomie Edge and entry our unique Discord group, extra unique content material and evaluation.

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