ETH whales bought $76.3K worth of Wrapped Luna last week

New on-chain data published by DailyHodl shows that some of the biggest Ethereum (ETH/USD) whales are stocking up on Wrapped Luna, one of Ethereum’s main competitors.

The 100 biggest ETH wallets made huge investments in WLUNA according to the latest weekly numbers from WhaleStats, cited by the platform. Wrapped Luna can be exchanged for and is pegged to Ethereum rival Terra (LUNA/USD).

Gaining exposure to LUNA

Wrapped Luna offers a way for Ethereum holders to gain exposure to LUNA. It also lets LUNA holders take part in decentralized finance (DeFi) apps on Ethereum.

Wrapped Luna is among the top 10 most bought altcoins among Ethereum whales. It ranks ninth on this chart according to DailyHodl.

Over the past week, whales bought around 900 LUNA worth about $76,300 on average.

LUNA surged 76% in one month

LUNA/WLUNA added 76% to its value in the last month. At the time of publication, 1 LUNA was worth $91.65 with a 24-hour trading volume of just under $3 billion. Terra is up almost 5% in the last 24 hours. It ranks seventh on the chart of the top 100 biggest cryptos by market cap, right behind Ripple (XRP/USD) and ahead of Cardano (ADA/USD).

According to the most recent data provided by WhaleStats, Ethereum whales continue to trade stablecoins in high volumes. Wrapped Bitcoin (WBTC/USD) and Chainlink (LINK/USD) are also very popular among this group.

Whales sold more FTM than they bought last week

Fantom’s token (FTM/USD) took a nose dive after a developer fallout recently. This probably explains why whales sold more FTM than they bought last week even though the ERC20 version of FTM is another ETH rival on the top 10 list of most-purchased altcoins.

About Terra (LUNA)

Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.

According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin and offers fast and affordable settlements.

LUNA is used to stabilize the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.

The post ETH whales bought $76.3K worth of Wrapped Luna last week appeared first on Invezz.