The Luna Foundation Guard, a Terra blockchain-supporting non-profit, has moved to diversify its cryptocurrency reserves by purchasing $100 million in digital currency Avalanche (AVAX), according to reports. Bloomberg.

the reason:

The move is aimed at bolstering the stability of the digital stablecoin UST, whose market capitalization has now ballooned to $16.7 billion, according to CoinMarketCap data.

The digital currency LUNA, the governance token of Project Terra, has continued to grow and rise in price since the Luna Foundation Guard made an announcement about creating a $1 billion bitcoin reserve.

The bitcoin buying spree initiated by the Terra blockchain project also became a major bullish catalyst for the largest cryptocurrency, which surged to an annual high of $48,234 in late March before returning to the $43,000 level.

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In a recent tweet, Terra co-founder Do Kwon announced that he has bought another $230 billion worth of Bitcoin.

At press time, the Luna Foundation Guard holds $1.56 billion worth of bitcoin.

The recent bitcoin purchase of “Do Kwon” failed to push the price of LUNA higher.

The currency fell after rising as much as 8% last Wednesday.

Currently, the Luna coin is in the red, down 3% from its all-time high of $119.18, which was recorded just two days ago.

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