Singapore-based Terraform Labs' native digital token Terra (LUNA-USD) soars 50% in the past seven days as 100M tokens get burned over the past month, removing them from coin supply forever, Alpha Impact CEO Hayden Hughes told Bloomberg. "This reduction in supply combined with the popularity of Luna staking (where staking participants get new tokens) has created a supply shock that has driven up the value," he adds. Terra (LUNA-USD) now has a market cap of $24.6B, up substantially from just $17B in the prior week and from less than $200M in the same year-ago period, making it the twelfth largest crypto, according to data from CoinMarketCap. Terra is up nearly 3% intra-day, changing hands at $63.61 per token. Despite Terraform's dispute with the U.S. Securities and Exchange Commission regarding its platform potentially selling unregistered securities, Terra (LUNA-USD) is "the latest shiny thing in the crypto space, following in the footsteps of other blockchains like
