Whales purchased 42 million Terra (UST) in 24 hours: details UST ERC20 DEFI whalestats
UST, Terra's native dollar-pegged stablecoin, is kept stable by a swap mechanism, in which traders can sell 1 UST for $1 worth of LUNA at any moment.
Increased stability may result in stronger demand for UST, reducing the LUNA supply. The generation of UST is assisted by burning LUNA, hence, LUNA's fortunes are inextricably linked to UST's. To put it another way, to mint one UST, $1 worth of LUNA must be removed from circulation. UST's market capitalization has risen dramatically to $14.7 billion, according to data tracking website
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