LUNC and USTC Prices Surge After Recent Dip

Terra Luna

Following a substantial decline in prices on December 5, both Terra Classic tokens, LUNC and USTC, have demonstrated resilience amid challenges in the crypto market. The significant price drops observed since December 5 raised concerns within the industry about the fate of the Terra Classic cryptocurrency duo.

As the new week commenced, there was a notable turnaround for both cryptocurrencies. USTC was trading hands at $0.04247 at the time of writing, marking a 1.36% increase in the past 24 hours. Impressively, the token’s 24-hour trading volume surged by more than 280%, settling at approximately $264,444,330.

Regarding LUNC’s performance, CoinMarketCap reported a decline of over 31% from its high of around $0.00028 over the last seven days of trading. However, despite this setback, LUNC found support around $0.0001776. It maintained its trading value above this level at the time of reporting.

LUNC and USTC: Post-December 5 Recovery

Over the past day, LUNC experienced a modest 0.53% price increase, bringing its trading value to $0.0001838. While this may seem like a marginal rise, it is a noteworthy accomplishment, considering the global cryptocurrency market cap witnessed a decline of about 3.73% in the same period.

LUNC’s market capitalisation witnessed an increase to $1.06 billion, positioning it as the 58th largest token by market capitalisation. This places it near The Sandbox (SAND), which has a market cap of $1,078,862,543.

Adding momentum to LUNC’s recovery is the ongoing burning of tokens. Since May 2022, more than 85 billion LUNC tokens have been burned. In the last seven days, 1,560,634,234 LUNC tokens were burned, resulting in a total circulating supply of 5.83 trillion LUNC.

Furthermore, the Terra Classic community has taken a significant step forward by approving a proposal to halt all processes related to the minting and reminting of USTC. The primary objective behind this decision is to restore USTC’s peg to $1 and breathe new life into the project.

In conclusion, the recent recovery of both LUNC and USTC reflects the resilience of these Terra Classic tokens in the face of market challenges. The positive developments, including increased trading volumes, burning of tokens, and community-driven initiatives, contribute to a renewed sense of optimism for the future of the tokens.

Read Also: Terra Luna Classic: USTC Minting Halt Approved, LUNC Up 18%, LUNA Surges 33% 

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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