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For some cryptocurrencies, it’s an arduous process to become a major player in the industry, while for some, it’s a rapid rise to the higher echelon of the crypto world.
While the journey is just beginning for Acrana (ACR), the likes of Terra (LUNA) and Dogecoin (DOGE) are established players in the crypto space, and we’ll take a look at their journey and whether the Acrana can reach the level, the cryptos above have hit.
Launched in 2018, Terra (LUNA) continuously demonstrates that they are one of the biggest cryptocurrency names.
Terra is a blockchain platform for algorithmic stablecoins that aims to reduce the endemic volatility of cryptocurrencies.
Developed by Terraform Labs, Terra is now the second biggest smart contract platform, behind only Ethereum, with a market cap of over USD 35 billion.
Alongside Terra’s native LUNA token, Terraform Labs also developed the Terra USD (UST) that through an algorithm, is pegged to the U.S. dollar.
In order to stabilise the crypto market, in an attempt to mint UST tokens, LUNA and a percentage of a digital token are burned with more LUNA being automatically burned and transferred to a community pool should the demand for more UST token arises.
LUNA has been one of the highest performing coins for the past year, rising by 923.7% in that time frame.
It’s been a successful return to normalcy for LUNA in the past couple of months, having dropped to $44.36 on the 31st of January and currently trading at $98.44, surging 21.7% in the past 24 hours.
Ventures into the metaverse and NFT market is what Terra is planning in 2022, following the launch of Terra World in 2021, which is a virtual world where users can do business in a digital environment.
Arguably, the coin of 2021, Dogecoin (DOGE), is a meme coin founded in 2013 to mock the berserk speculation that surrounded the cryptocurrency market at the time.
Gaining over 3100% in 2021 was a remarkable feat for Dogecoin as they began the year trading at $0.005685 and reached a record high of $0.731578 in May 2021.
The coin now has a market cap of over $16 billion and is up by 3.1% in the past 24 hours following a period of price struggle, a struggle some analysts believe will continue.
Despite these gloomy predictions, Dogecoin co-creator Billy Markus recently announced the launch of MyDoge, a wallet for iOS users that can support transfers from any cryptocurrency exchange.
The Acrana project is a true testament to how far cryptocurrency has come in terms of its importance and influence.
With many falling out of trust with the current traditional financial setup, Acrana has a solution for those disillusioned.
By creating a global virtual currency backed by cryptocurrency rather than the US dollar, Acrana looks to promote the increasing popularity of decentralisation in the cryptocurrency market by allowing members to own the infrastructure they participate in.
Governed by a DAO (decentralised autonomous organisation), Acrana promotes transparency within its project and values the opinions of its members as decisions that concern the project will be made by the Acrana community.
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