A Turn of Events: LUNC and USTC Unexpectedly Bounce Back, Surpassing Expectations

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.