Following substantial price declines since December 5, both Terra Classic (LUNC) and TerraClassicUSD (USTC) faced industry speculation about their viability. However, as the new week began, both cryptocurrencies staged a comeback. Currently, USTC is trading at $0.04247, reflecting a 1.36% increase in the last 24 hours. Impressively, the token’s 24-hour trading volume surged by over 280%, reaching approximately $264,444,330.
A Turn of Events: LUNC and USTC Unexpectedly Bounce Back, Surpassing Expectations
On the other hand, LUNC experienced a more significant dip of over 31% from its recent high of around $0.00028 over the past seven days. Despite this, LUNC found support around $0.0001776 and was trading above this level at the time of reporting. In the last 24 hours, LUNC’s price increased by 0.53%, reaching $0.0001838. This uptick is noteworthy, especially considering the global cryptocurrency market cap declined by approximately 3.73% in the same period. LUNC’s market cap rose to $1.06 billion, securing its position as the 58th largest token by market capitalization, closely trailing The Sandbox (SAND) with its market cap of $1,078,862,543.
Adding momentum to LUNC’s recovery is the burning of over 85 billion LUNC tokens since May 2022, with a notable burn of 1,560,634,234 LUNC tokens in the last seven days alone. This reduced the total circulating supply of LUNC to 5.83 trillion.
In a significant move, the Terra Classic community approved a proposal to cease all processes related to the minting and reminting of USTC. The primary goal of this decision is to stabilize USTC’s peg to $1 and inject renewed vitality into the project.
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