To the moon? Terra's luna crypto coin has shot up almost 80% in a week, vaulting past shiba inu and avalanche

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Terraform Labs' luna is fast becoming one of the crypto market's best performers, having gained around 80% in value in the last week alone. The gains have come thanks to a combination of falling supply of tokens, and a series of changes in how the coin is used in its own payment network.

Luna's even overtaken dogecoin-darling shiba inu and «ethereum killer» avalanche's avax to become the 11th biggest cryptocurrency by market value, according to data from CoinMarketCap.

The Terra blockchain launched in January 2018 and uses fiat-pegged stablecoins to run its payments system. Its native luna token is then used to stabilize the price of the protocol's algorithmically-backed TerraUSD stablecoin, UST. According to its