Why is Terra Luna price increasing?

Jay Hao, CEO, OKX said that the crypto market is witnessing a sudden surge in the demand for stablecoins which is driving the upward trend in Terra prices. “Terra ecosystem has gained a lot of investor attention after the recent launch of Terra based ETFs,” he added.1 Mar 2022

Another major factor due to which Terra might be going up is its burn mechanism . The point of burning LUNA tokens from the community pool was to create scarcity of the asset and boost its price.

According to the latest long-term forecast, Terra price will hit $75 by the end of 2022 and then $100 by the middle of 2023. Terra will rise to $200 within the year of 2025, $250 in 2027 and $300 in 2030 .