Terra Classic Community Efforts Fuel Bullish Rise for LUNC and USTC
- USTC and LUNC added incredible gains to their prices over the weekend, surpassing major cryptocurrencies.
- While USTC saw a staggering 150% surge in the last 24 hours, LUNC recorded a more muted 25% growth.
- The rise follows strategic moves by the Terra Classic community members to revive the tokens that crashed over a year ago.
Terra Classic community members during the weekend were in high excitement as recent efforts from the community to bolster LUNC and USTC prices finally paid off. LUNC and USTC added incredible gains in their prices and surpassed major cryptocurrencies since that period and into the new week.
Indeed, stablecoin USTC was the clear leader as it surged in an explosive rise that started Sunday afternoon. Since then, the token has added over 150% to its price and sustained that run into this new week, according to data from CoinMarketCap. At the time of press, the token is exchanging hands at $0.03839.
Furthermore, its trading volume increased by a staggering 1999.65% after raking in over $564,348,914 in the last 24 hours. Notably, this recorded trading volume is higher than the token’s market cap of $344 million.
Meanwhile, LUNC saw a price increase of 25.4% in the last 24 hours. Trading volume soared incredibly within that period, registering over $421 million. Despite a slowdown, the token has added a 3.32% gain in the past hour as of writing.
The recent surge highlights unrelenting efforts from the community to revive the tokens since their collapse over a year ago. Yesterday, a prominent member of the Terra Classic community revealed that over 78.58 billion LUNC tokens have been burned so far.
Furthermore, the community recently voted to pause the mint or re-mint of USTC, as earlier reported. The move by the community follows a strategic move to peg the token again to the USD and grow its adoption.
In addition to the vote, the community members also voted to pay Algo Quant, an algorithmic trading firm, to oversee the re-peg of USTC to USD. Another term on the proposal was plans on USTC burn to facilitate the re-peg.
It bears mentioning that USTC depegged from the USD last year in a catastrophe that precipitated the long and harsh crypto winter. The crash came after the token’s algorithmic model – which helps it maintain parity with the USD on a 1-1 ratio – suffered an exploit that led to a sudden wipeout of over $44 billion.
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